Warsaw office market tightens further

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Warsaw’s office market closed 2025 under increasing supply constraints and record-breaking tenant demand. According to figures published by the Polish Chamber of Commercial Real Estate (PINK), the fourth quarter was marked by zero new deliveries, falling vacancy and the strongest quarterly take-up ever recorded.

No new supply enters the market

As of the end of December 2025, Warsaw’s total modern office stock stood at approximately 6.2 million sq m. No new modern office space was delivered in the fourth quarter, reinforcing the structural imbalance between demand and available supply.

The absence of new completions reflects a longer-term trend driven by demolitions, conversions of obsolete buildings and cautious development pipelines. As a result, the market is increasingly reliant on existing stock, particularly in central locations.

Vacancy rates Warsaw's office real estate continue to fall

With supply constrained, vacancy rates declined further. At the end of Q4 2025, Warsaw’s overall vacancy rate stood at 9.1%, down 0.6 percentage points quarter on quarter and 1.5 percentage points year on year. Total vacant space fell to 564,700 sq m.

Central zones recorded particularly tight conditions, with vacancy at just 6.1%, while locations outside the city centre posted a higher rate of 11.6%. This divergence highlights the growing polarisation between prime central assets and non-core locations.

Record demand Warsaw's office real estate dominated by renegotiations

Demand for modern office space in Q4 reached nearly 309,900 sq m, marking the highest quarterly result in the history of market monitoring. The City Centre and Służewiec emerged as the most sought-after office areas among tenants.

Renegotiations accounted for the largest share of activity, representing 64.5% of total take-up. New leases, including pre-let agreements, made up 31.2%, while expansions accounted for 4%. Owner-occupier transactions represented a marginal share of overall demand.

Warsaw's office real estate: Signals for the year ahead

The combination of zero new supply, record demand and falling vacancy sets a challenging tone for the start of 2026. Limited availability of large, modern office units in central locations is increasingly shaping tenant strategies and strengthening landlords’ negotiating positions.

As International Investment experts note, PINK’s data confirms that Warsaw’s office market has entered a phase of structural undersupply rather than cyclical tightening. With no new deliveries and sustained demand, prime offices in central locations are set to capture further rental growth and long-term investment value. For occupiers, 2026 is likely to bring heightened competition for high-quality space, while for investors it reinforces the defensive appeal of Warsaw’s prime office assets.