Savills’ “Warsaw Office Market” report shows that Warsaw’s modern office stock reached 6.28 million sqm at the end of March 2026. However, both new supply and development activity remain very limited. In the first quarter, less than 43,000 sqm of office space was delivered, while the full-year total may reach only around 72,000 sqm. This would be one of the lowest results in the market’s history, clearly below the five- and ten-year averages of 163,000 sqm and 220,000 sqm respectively.
Supply and development activity
New supply included two office projects: Vena, with 15,400 sqm, and Studio B, with 24,000 sqm, as well as the refurbishment of a small building on Przemysłowa Street. Further projects planned for delivery this year include Skyliner II and schemes on Puławska and Przemysłowa streets.
At the same time, development activity has fallen to around 120,000 sqm, the lowest level ever recorded. As much as 89% of projects currently under construction are located in central zones.
“We are currently observing the lowest level of development activity in history. We estimate that over the next three years, the total volume of new office space may amount to just 217,000 sqm. This is no longer just a temporary slowdown, but a deep supply gap that will limit tenants’ choice in the coming quarters. With supply so constrained, existing, well-located buildings are becoming increasingly important and are finding tenants more quickly,” says Daniel Czarnecki, Head of Landlord Representation at Savills.
Vacancies and availability
Limited availability is particularly visible in central locations. At the end of March, Warsaw’s average vacancy rate stood at 9.5%. A total of 597,000 sqm of office space was available on the market, while net absorption amounted to just over 10,000 sqm.
“Tenants today face an increasingly difficult choice. On the one hand, they want to secure attractive offices that help attract employees. On the other, availability in central locations is shrinking quickly,” comments Jarosław Pilch, Head of Tenant Representation at Savills. “The vacancy rate in the centre is now only 6.5%. Companies postponing decisions need to consider that in a year or two the choice will be clearly smaller and they will have less flexibility in negotiations.”
In response to the growing complexity of the office selection process, Savills is developing tools to support tenants in decision-making. The new officemarket.pl platform uses AI-based mechanisms to match offers with users’ needs described in their own words. It also enables office comparisons and the generation of summary reports. The tool covers both traditional offices and flexible workspace, allowing users to analyse office availability not only in Warsaw but across Poland.
Rents under upward pressure
Falling availability and limited supply are translating into rising rents. In the best buildings in the city centre, rents currently stand at EUR 23–28 per sqm per month, while in projects under construction they reach as much as EUR 30. In Służewiec, rents remain stable at EUR 13.5–15.5 per sqm per month. The report’s authors note that service charges in prime locations reach PLN 30–40 per sqm per month.
Demand and transaction structure
Office demand in the first quarter reached 133,800 sqm, which was 9% lower year on year and below the average for first quarters in 2020–2025, which stood at 159,100 sqm. Tenant activity was relatively evenly distributed between central locations, which accounted for 54%, and non-central locations, which accounted for 46%.
The largest volume of space was leased in the Centre zone, at 57,700 sqm, followed by Służewiec with 25,700 sqm and the CBD with 14,400 sqm.
The structure of demand shows the dominance of new leases, which accounted for 51% of the total volume, with renegotiations also playing a significant role at 39%. Expansions and pre-let agreements had a smaller share, accounting for 9% and 3% of total take-up respectively.
“Although the beginning of the year was quieter, this does not change the overall picture of the market. With supply limited, even moderate demand will have a real impact on space availability and rent levels. In the coming quarters, we may expect renegotiations to account for a larger share of activity,” adds Wioleta Wojtczak, Head of Research at Savills.
Market outlook
In the longer term, the limited number of new projects and the concentration of investment in central locations will be the key factors shaping the Warsaw office market, both in terms of space availability and lease conditions.
