The report ‘The Warsaw Office Market in 2025’ provides a comprehensive overview of 2025 and offers forecasts for 2026. It is the most recent publication produced by the Research Department at AXI IMMO, the largest Polish advisory firm specialising in the commercial real estate sector.

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At the end of 2025, the Warsaw office market remains in the supply gap phase

The year 2025 confirmed a strong recovery on the Warsaw office market, Poland, accompanied by a further decline in new supply. Total take-up reached 790,000 sq m, with the fourth quarter closing at a record 310,000 sq m in signed lease agreements. Amid a limited number of new developments, less than 90,000 sq m of new office space was delivered, while 190,000 sq m remained under construction. According to AXI IMMO analysts, the market remains in a supply gap phase, particularly in central Warsaw. AXI IMMO, the largest Polish commercial real estate advisory firm, presents its latest report entitled “The Warsaw Office Market in 2025.”

In Warsaw in 2025, more offices were rented than in 2024.

In 2025, the Warsaw office market recorded strong take-up alongside an increase in quality-driven supply selection. Tenant activity totalled 790,000 sq m (+7% y/y), with the fourth quarter standing out as a record period, during which leases were signed for a total of 310,000 sq m – the highest quarterly result since office market monitoring began. 

This strong demand is also reflected in the structure of leasing activity. According to AXI IMMO analysts, the structure of take-up confirms the market’s maturity. Lease renewals and renegotiations accounted for 51% of total activity, while net take-up represented 49%, driven primarily by new lease agreements (39%), followed by expansions (6%) and owner-occupied space (4%). The highest activity was recorded in the City Centre zone (32%) and Służewiec (23%). The city centre continued to attract primarily new tenants, while Służewiec remained dominated by lease renegotiations.

The largest office lease agreements in 2025

The largest transactions included Polkomtel’s lease renewal at the Multimedia House of Plus (22,700 sq m) and Astra Zeneca’s renegotiation and extension of its 20,800 sq m lease at Postępu 14, followed by an additional 1,700 sq m expansion. 

How much does it cost to rent an office in Warsaw?

Strong leasing momentum has translated into rising headline rents in prime office projects in central Warsaw, where rental levels range from approximately EUR 19.00 to EUR 27.50 per sq m per month. In selected prime locations and on top floors, rents exceed EUR 30.00 per sq m per month. At the same time, non-central zones continue to offer a compelling cost alternative for occupiers, with rents starting from approximately EUR 10.00 per sq m per month. 

Filip Kowalski, Associate Director, Office Agency, AXI IMMO comment:

““Rising rental levels in central office projects are prompting an increasing number of companies to reassess their location strategies and consider well-connected non-central locations that offer high-quality space at more predictable cost levels.

The market is becoming increasingly selective, with buildings best aligned with occupiers’ actual needs gaining a competitive advantage, both in terms of technical standard and cost efficiency.

At the same time, we observe a growing tendency among tenants to remain in proven locations, driven by limited availability of modern supply and rising relocation and fit-out costs. As a result, we expect longer lease terms to become more common, while new developments increasingly standardise lease agreements of at least seven years.” 

Filip Kowalski, Associate Director,
Office Agency, AXI IMMO

Which new office buildings will soon be in Warsaw?

Emilia Trofimiuk, Research Manager, Research Department, AXI IMMO, explains:

Emilia Trofimiuk AXI IMMO

“The restructuring of office supply is particularly visible in Służewiec, which, as one of Warsaw’s oldest office districts, has an above-average share of ageing stock.

The withdrawal of technically inefficient buildings and changes in their use are improving the quality of available office space and gradually enhancing the competitiveness of this location from the occupiers’ perspective.” 

Emilia Trofimiuk, Research Manager,
Research Department, AXI IMMO

Where to rent a new office in Warsaw right away?

At the end of 2025, Warsaw’s total modern office stock amounted to 6.23 million sq m. The largest projects delivered during the year were located in the Rondo Daszyńskiego area, including The Bridge (51,800 sq m) and Office House (27,800 sq m).

At the same time, AXI IMMO analysts point out that the volume of office space under construction declined by 16% y/y to 190,000 sq m, signalling a further reduction in new supply in 2026–2027.

The largest office developments under construction as of the end of December 2025 included Afi Tower (50,000 sq m, construction commenced in Q4 2025), Upper One (35,900 sq m, Strabag), Studio A (26,600 sq m, Skanska) and Skyliner II (24,000 sq m, Karimpol). 

TOP 4

Largest office investments under construction
in Warsaw at the end of 2025

BuildingSurface areaLocation
Afi Tower50,000 sq mCentre-West zone
Upper One35,900 sq mCentre zone
Studio A26,600 sq mCentre-West zone
Skyliner II24,000 sq mCentre-West zone

Emilia Trofimiuk, Research Manager, Research Department, AXI IMMO, adds:

Emilia Trofimiuk AXI IMMO

“On the supply side, we are observing a clear and sustained slowdown in development activity.

New office deliveries in 2025 were 15% lower than in the previous year and significantly below the levels recorded during the peak years of 2020–2021. At the same time, the volume of space under construction declined by 16% year-on-year.

Forecasts indicate that new supply will remain limited in the coming years, which will have a material impact on the availability of modern office space, particularly in prime locations.”

Emilia Trofimiuk, Research Manager,
Research Department, AXI IMMO

Where are offices for rent in Warsaw available immediately?

As a result of strong take-up, limited development activity and the withdrawal of non-competitive buildings, vacancy rates continued to decline.

At the end of 2025, the average vacancy rate in Warsaw stood at 9.1% (-1.5 pp y/y and -0.8 pp q/q), with a clear disparity between the city centre (6.1%) and non-central locations (11.6%).

The most pronounced decline was recorded in the Central Business District, where vacancy fell by 3.9 pp year-on-year, confirming growing occupier demand for prime office locations.

What are the forecasts for the office market in Warsaw?

AXI IMMO analysts expect the Warsaw office sector to remain constrained by limited modern supply in the coming years, particularly for large, contiguous floorplates.

This environment is likely to support further growth in lease renegotiations and selective rental increases in best-performing assets.

At the same time, the repositioning and conversion of older buildings will play an increasingly important role in shaping the quality and functionality of Warsaw’s office stock.

We invite you to read the full report – fill in the form to download the report: The office market in Warsaw in 2025, Poland.

About AXI IMMO

AXI IMMO is the largest Polish commercial real estate advisory firm, providing services in leasing and investment transactions, industrial & logistics, and office property management, property valuation, and the acquisition and disposal of development land. AXI IMMO’s key strength lies in combining international service standards with in-depth knowledge of local markets.

The company has received numerous international and domestic awards, including Advisor of the Year and Local Advisor of the Year titles from organisations such as CEEQA, CEE Investment Awards, CIJ Awards and Prime Property Prize. In 2025, AXI IMMO was awarded the title of Warehouse Agency Team of the Year by the Eurobuild Awards jury.

The AXI IMMO 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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We invite you to read the full report – fill in the form to download the report ‘The office market in Warsaw in 2025, Poland’.