At the same time, ongoing refurbishments and redevelopments reduced the Warsaw office stock by more than 70,000 sqm

since the beginning of 2026. Development activity remains subdued, with almost all new office space under construction located in central locations. Current projects under development are scheduled for completion between 2026 and 2028, with only 3,900 sqm of new office space within Puławska 533 expected to be delivered by the end of 2026.

MARKET IN NUMBERS:

Modern office stock (sqm) – 6.24 mln

New supply (sqm) – 45,210

Under construction and renovation (sqm) – 131,200

Demand (sqm) – 416,600 (up by 38% y-o-y)

Vacancy rate – 8.5% (down by 1.0 pp. q-o-q, and down by 2.3 pp.y/y)

DEMAND AND VACANCY

Warsaw’s office market saw strong momentum in H1 2026, with take-up reaching almost 417,000 sqm, up by 38% y-o-y. Notably,

70% of the volume was transacted in Q2 alone. City Centre, Służewiec and CBD continued to attract the strongest occupier interest, accounting for a combined 80% of total take-up.

Demand was almost evenly split between renewals (48%) and new leases (46%), with expansions accounting for the remaining share. Large-scale leasing activity remained limited in H1 2026, with only 5 transactions above 10,000 sqm completed, all in Q2. The two largest transactions, both lease renewals in central office zones, were also the only deals exceeding 20,000 sqm.

Public sector played a significant role among tenants, accounting for 2 of the 5 largest deals signed in H1 2026.

Strong leasing activity continued to reduce vacancy levels across Warsaw, with vacancy rate falling to 4.8% in central locations and 11.8% in non-central office zones.

WHAT'S NEXT?

The reduction in office stock, driven by demolitions and the conversion of existing buildings to alternative uses, combined with limited new supply, continues to constrain the availability of office space across the market. Moreover, the availability of large office units exceeding 5,000 sqm remains constrained, significantly limiting tenants’ relocation and expansion options.

“We anticipate a further decline in vacancy rates, particularly in prime locations and highest-quality office buildings. Increasing challenges in securing suitable office space are prompting occupiers to initiate their processes earlier.This trend is expected to gain further momentum. At the same time, the growing share of lease renewals will further restrict the availability of office space for new and smaller tenants, particularly in buildings where major occupiers hold first-tenancy or expansion rights.” – comments Przemysław Urbański, Director, Office Agency w Avison Young

                                Przemysław Urbański, Director, Office Agency

The public sector is playing an increasingly important role in shaping demand, and its influence on the commercial

real estate market is expected to continue to grow.

Ongoing supply constraints and strong occupier demand are expected to continue driving rental growth. Prime rents, which have already exceeded EUR 30 per sqm per month, are expected to rise further.

(Avison Young)