New supply? Nearly 90,000 sqm – with one project dominating

 

In the first half of 2025, Warsaw’s office stock grew by 85,200 sqm. Remarkably, The Bridge alone delivered 51,800 sqm, making up over 60% of total new supply. Other notable completions include:


• Office House – 27,800 sqm
• CD Projekt HQ – 5,600 sqm

 

Currently, 140,500 sqm is under construction or refurbishment – with around 90% located in central zones. The message is clear: companies want to be close to talent, clients and infrastructure.

 

Demand rebounds – but vacancy rises

 

The overall vacancy rate stands at 10.8% – with 7.8% in the city centre and 13.3% outside the core. The largest vacant spaces are still in Służewiec (223,900 sqm), but central areas are catching up (155,800 sqm).

 

Despite this, demand remains strong: 301,400 sqm of leased space was recorded in H1. Most lease activity took place in:


• Central Warsaw
• Służewiec
• CBD (Central Business District)

 

Renewals now represent over 40% of all transactions – landlords who invest in tenant retention win.

 

Rents climbing. Incentives shrinking.

 

The market is shifting toward a landlord-favoured environment. Incentives are tightening and rents are rising:

 

  • Prime central locations: up to €30+/sqm/month

  • Central office zones: €22–28/sqm/month

  • Non-central districts: €16–19.5/sqm/month

 

Operating costs are rising modestly, with an average of PLN 28/sqm/month, a 3% YoY increase.

 

Investment market: Polish capital rising

 

The office sector accounted for €411 million in investment volume – 24% of total commercial transactions in Poland. Warsaw alone attracted over €216 million across 10 transactions.

 

Two standout “core” acquisitions:
• Wronia 31 purchased by Uniqa Real Estate
• Plac Zamkowy – Business with Heritage sold in the Old Town

 

Significantly, Polish capital accounted for 44% of all office investment deals.

 

Key takeaway: Warsaw office market is back – but only the best spaces thrive

 

The Warsaw office sector is maturing fast. Tenants are returning to offices, but they now expect top-quality, well-connected spaces with flexibility. Landlords with modern stock in central zones are in a strong position. Others face vacancy pressures and the need to renegotiate.

 

source: prestigepr.pl