Warsaw’s office market closed 2025 with one of the highest levels of demand in history, while supply declined and vacancy rates dropped significantly. According to the “Warsaw Office Market Spotlight Q4 2025” report prepared by Savills Poland, the key developments are the prevalence of renegotiations, the limited availability of large modules in the center and increasing pressure on rents in prime buildings.
The total stock of modern office space in Warsaw stood at 6.23 million sqm at the end of 2025, down 1% from a year earlier. This is a result of demolitions and repurposing of older buildings. Last year alone, more than 152,000 sqm of offices disappeared from the capital’s market (in the form of demolitions or changes of use of office buildings). At the same time, new supply was low, reaching 88.7 thousand sq. m. (down 15% y/y), of which about 90% went to central locations. 202,000 sqm remains under construction, with the largest projects, such as AFI Tower and Upper One, being built in the center.
– Since 2020, nearly 410,000 have already left the Warsaw market. sq. m. office space. We certainly cannot speak of a temporary trend, but rather of a significant change in the structure of the market, resulting in older office buildings giving way to apartments, hotels or undergoing deep modernization. Increasingly, this also applies to central locations, which further limits the availability of office space in the most sought-after parts of the city – says Wioleta Wojtczak, Head of Reaserch, Savills.
The largest developments that came on the market last year were carried out in the western part of the city center (the West Center zone). These were The Bridge with an area of 47,000 sqm, and Office House (27,800 sqm) . The scale of projects varies markedly depending on the location – in the central zones, the average area of buildings under construction reaches about 25 thousand sq. m, while outside the center smaller, more intimate developments, usually under 10 thousand sq. m, dominate.
The authors of the report estimate that by the end of 2028, a total of around 290,000 sqm of new office space could be delivered to the market, of which nearly 230,000 sqm will be in central locations, mainly in the West Center zone. –
Demand reached 794,000 sqm, an increase of 7% year-on-year, placing it among the best performances in the market’s history. In Q4 alone, record space reaching nearly 310,000 sqm was leased. In 2025, as much as 51% of the volume was accounted for by renegotiated contracts, showing that companies were more likely to choose to stay in their current locations rather than relocate. Outside the center, Służewiec in particular stood out, with 180,000 sqm leased. This is the third highest result in the zone’s history, second only to the results of 2015 and 2019. The most active tenant groups in the city were the manufacturing (14%), IT (13%) and financial (11%) sectors.
The decline in new supply and high demand translated into a marked reduction in the vacancy rate. At the end of the year, it stood at 9.1%, 150 basis points lower than a year earlier. In the central zones, availability fell to 6.1% of the stock, and only seven buildings located in the central zones had a total available space above 5,000. sq. m. At the same time, net absorption rose by as much as 117% year-on-year, to 188,400. sq. m.
The limited availability of prime space has begun to affect rents. In the second half of 2025, rates in central locations rose to around EUR 27.50 per sqm per month, and outside the center to around EUR 19.00. Service charges have stabilized at the level of PLN 30-40 per sq. m., although in some buildings they exceed PLN 45.
– 2025 has confirmed that the Warsaw office market has entered a phase of marked imbalance between demand and supply. In the city center, the problem today is not a lack of tenant interest, but the very limited availability of sufficiently large and modern space. This phenomenon will be one of the key factors shaping the market this year, both on the side of rents and the strategies that tenants will adopt – says Jaroslaw Pilch, Head of Tenant Representation, Savills.
The report indicates that with economic growth projected to accelerate in 2026 and interest rates continuing to fall, the pressure on prime office buildings may continue, and market polarization between “prime” buildings and older stock will further intensify.
– In Warsaw today, we have a market where prime buildings are clearly gaining in value. Declining availability of “prime” space means more competition and further pressure on rents, and owners can afford to be more selective in their choice of tenants. At the same time, we anticipate that the stabilization of inflation should reduce the scale of indexation, which will partially mitigate cost increases. This, however, does not change the fact that some companies will begin to realistically consider relocating out of the center in search of more affordable projects – comments Daniel Czarnecki, Head of Landlord Representation, Savills.
