An extended overview of the macroeconomic situation and key trends shaping the Warsaw office market at the end of 2025. Includes an analysis of changes in the level of supply and developer activity, the structure of tenant demand, the scale of vacancy, the direction of rental rates, as well as the impact of functional transformation of buildings and economic conditions on the market outlook in the coming years.
Spotlight: Warsaw Office Market Q4 2025
Report summary
Office stock was 6.23 million sq m (-1% y/y) with low new supply (88,700 sq. ft. ) and the growing importance of demolitions and changes in the function of buildings. Demand has reached 794,000 sq. ft. (+7% y/y), driven mainly by renegotiations (51%), and the vacancy rate fell to 9.1%, the lowest since the pre-pandemic period.
The limited availability of space – especially in the center – has translated into an increase in rents to around EUR 27.5/m²/month in prime locations and around EUR 19 outside the center. At the same time, the market is undergoing a structural transformation: since 2020, nearly 410,000 sq. ft. offices, mainly for residential functions, which further limits future supply and strengthens rental pressure.
Key data
88,700 m²
New Supply
794,100 m²
Total take-up
9,1%
Vacancy Rate
188,400 m²
Net Absorption
6%
Rental growth in premiere central buildings in 2025