Warsaw’s office market accelerated sharply in the second quarter of 2026. Gross take-up reached approximately 282,800 sq m, marking the third-highest quarterly result in the history of the capital’s office market. At the same time, development activity remains at a record-low level, while the availability of office space in the best locations is rapidly declining, according to data from Cushman & Wakefield.
During the entire first half of the year, companies leased approximately 417,000 sq m of office space in Warsaw. The second quarter was more than twice as strong as the first, with transaction volume reaching 282,800 sq m compared with 133,800 sq m during the opening three months of the year.
“Such a high level of tenant activity by the middle of the year is an important indication that strong interest in leasing Warsaw office space is being maintained. Historically, the highest transaction volumes were usually recorded in the third and fourth quarters. At the same time, demand is now confronting an extremely limited supply of new space, particularly in central locations,” said Vitalii Arkhypenko, Research Analyst at Cushman & Wakefield.
Office Space Is Disappearing Faster Than New Supply Is Being Delivered
Only one office project was completed in Warsaw during the second quarter of 2026: the refurbishment of Przemysłowa 26 by Powiśle Nieruchomości, providing 2,350 sq m of space.
Since the beginning of the year, new supply has totalled just 45,200 sq m and has been represented primarily by the Studio A and Vena projects. This year will be another period of low supply on the Warsaw office market, continuing the trend of significantly reduced development activity observed since the beginning of 2023.
Approximately 130,000 sq m of office space is currently under construction and scheduled for completion over the next two and a half years. This is significantly less than in previous development cycles on the Warsaw market. The figure is 45% lower than in the second quarter of 2022 and 85% below the peak levels recorded at the turn of 2017 and 2018.
Limited supply is contributing to a decline in the vacancy rate. At the end of June, the average vacancy rate for the whole of Warsaw stood at 8.5%, down one percentage point from the previous quarter. In the central business districts, only 4.8% of the existing office stock remained available.
The greatest challenge is increasingly finding large office units in prime locations that are available for immediate occupation. During the first half of the year, renegotiations accounted for 48% of total take-up, while new leases represented 46%. Lease renewals clearly dominated among transactions involving more than 3,000 sq m.
Return to the Office Strengthens Tenant Activity
The gradual stabilisation of hybrid working models is also contributing to stronger demand. Companies are increasingly expecting employees to be present in the office for approximately three days a week, while the organisation of office space is once again becoming an important part of corporate strategy and team management.
Among the sectors actively searching for modern office space are pharmaceutical and healthcare companies, technology firms, businesses connected with defence and dual-use technologies, and public institutions.
“The office is once again gaining importance as a place for collaboration, building organisational culture and attracting employees. Companies are not, however, returning to pre-pandemic solutions. They are looking for efficient, flexible and well-connected spaces that give employees a compelling reason to travel to the office,” said Piotr Capiga, Senior Leasing and Business Development Manager at Cushman & Wakefield.
The declining availability of large office units in the city centre may also encourage tenants to reconsider other parts of Warsaw. Areas that could gain importance include the modernised Służewiec district and developing locations on the right bank of the Vistula River, which offer increasingly good transport connections and expanding infrastructure.
It is also worth noting that more than 36% of Warsaw’s residents live on the Praga side of the Vistula.
