AXI IMMO real estate agency, the largest Polish consulting firm on the commercial real estate market in Poland, provides the most recent report, “The office market in Warsaw in H1 2025” developed by AXI IMMO Research department experts.

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Szacowany czas czytania: 8 minutes

Tenants choose quality and location on the Warsaw office market

In the first half of 2025, in Poland, the Warsaw office market has confirmed its resilience and ability to adapt in changing economic conditions. We observe moderate tenant activity (300,000 sq m), in the absence of more spectacular transactions. The Warsaw market added 85,000 sq m of modern space, of which as much as 93% went to the central zones, mainly due to prestigious projects such as The Bridge (51,800 sq m) and Office House (27,800 sq m). At the same time, the vacancy rate still remains stable (10.8%), with 140,000 sq m under construction at the end of June 2025.

Demand – stabilisation and cautious expansion 

Total gross demand in the first half of the year amounted to around 300,000 sq m, a result slightly lower than in the corresponding periods of 2024 and 2023, by 5% and 6%, respectively. New deals and expansions dominated the transaction mix, accounting for 57% of total tenant activity, while renewals of existing contracts and renegotiations reached 43%. The Central Business District and the City Centre zone together accounted for 55% of total leasing activity in the Warsaw office market. Służewiec, on the other hand, was the most active office zone outside the city centre, accounting for 24% of total demand in Warsaw. While central locations were dominated by new leases and expansions (58%), in the case of Służewiec, the majority of transactions were renewals and renegotiations (53%). Companies from the financial, technology, manufacturing, and business services sectors showed the greatest dynamism in the Warsaw office market in H1 2025. They were looking for offices that allow efficient cost management and offer modern, comfortable working conditions at the same time. 

Emilia Trofimiuk, Research Manager, Research Department, AXI IMMO, points out, “In the first half of the year, we observed a further concentration of tenant activity in central locations, which accounted for as much as 55% of total take-up. The average size of a new lease transaction in H1 2025 amounted to 600 sq m, while the average size of a transaction concerning the renewal of an existing lease oscillated around 1,500 sq m. Against this backdrop, Służewiec should be singled out, which, despite a still high vacancy rate, recorded a 24% share of demand, showing that some non-central locations continue to be valued by tenants, mainly in the renegotiations.” 

New supply and office space under construction focus on Warsaw’s central locations 

In H1 2025, 85,000 sq m of new office space was delivered, almost entirely concentrated in central areas. The largest developments were The Bridge (51,800 sq m) and Office House (27,800 sq m). At the same time, there is a noticeable decline in the volume of developments under construction, with 140,000 sq m  
of modern office space currently under construction, down 48% year-on-year. The largest new office buildings under construction are Upper One (35,900 sq m, Strabag), V Tower (32,700 sq m, Cornerstone), Studio A (26,600 sq m, Skanska), Skyliner II (24,000 sq m, Karimpol). Developers are focusing almost exclusively on projects located in Śródmieście and its immediate surroundings in the Wola district. 

Vacancy rates – stabilisation with a downward trend in the Warsaw city centre 

At the end of June 2025, the vacancy rate for Warsaw as a whole was 10.8%, remaining at a similar level to the quarter before. The city centre saw an increase in the vacancy rate of 0.4 p.p. compared to the previous quarter and, at the same time, a decrease of 1.3 p.p. on an annual basis. As a result, the vacancy rate in the central zones stood at 7.8% at the end of June 2025. Tenants consistently prefer Warsaw’s central locations that are well connected and have access to full urban infrastructure. In older office zones, such as Służewiec, Żwirki & Wigury St. or Jerozolimskie Ave., vacancy rates remain at higher levels, which puts more pressure on owners to modernise or functionally transform their buildings. 

Jakub Potocki, Associate Director, Office Department, AXI IMMO, comments: “The office market in Warsaw is clearly polarising today. On the one hand, we have modern office projects in the city centre, such as The Bridge or Office House, which attract companies looking for prestige and new quality. On the other hand, we see growing interest from tenants in ready-made space subleased on flexible terms. This is a result of high fit-out costs and the need for a quick operational start. Companies are becoming more cautious about relocating, and many transactions today involve renewals in existing locations.” 

Rents – stabilising with upward pressure in the city centre 

In H1 2025, base rents remained stable. The best locations in the central zone recorded ranges between EUR 19 and EUR 26.5/sq m/month, and even above EUR 30/sq m/month for the most prestigious projects. By comparison, in non-central locations tenants could expect rates from EUR 9.50/sq m/month. 

About AXI IMMO

AXI IMMO offers comprehensive advisory services related to commercial real estate, including warehouse and office leasing and property management, real estate valuation, land acquisition, and sales. The firm also offers B2B and B2C supply chain management services. AXI IMMO’s greatest advantage is combining international business standards with deep local market knowledge.

AXI IMMO has received numerous awards, including Best Local Agency of the Year in 2012–2019 and 2021 in the CiJ Awards and Best Team in the Warehouse Sector in 2016–2017. In 2019 and 2023, the firm was the winner in the Local Agency category, and in 2024, it was named Advisor of the Year at the CEE Investment Awards. AXI IMMO was named Local Agent of the Year in 2023 and 2024 in the CEE region at the CEEQA awards. The firm’s most recent achievement is the title of Advisor of the Year in the Prime Property Prize 2024.

The AXI IMMO’s Research Department team at AXI IMMO conducts regular market analyses and provides reports and publications on the commercial real estate market.

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