{"id":4815,"date":"2025-04-23T11:02:18","date_gmt":"2025-04-23T11:02:18","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=4815"},"modified":"2025-04-23T11:02:18","modified_gmt":"2025-04-23T11:02:18","slug":"warsaw-office-market-q1-2025-snapshot-35887","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/","title":{"rendered":"Warsaw office market \u2013 Q1 2025 snapshot"},"content":{"rendered":"<p>In the first quarter of 2025, Warsaw\u2019s modern office stock reached 6.28 million square metres. Only one new project was delivered during this period &#8211; the CD Projekt HQ in the East office zone, contributing 5,600 sqm of new supply. The total office space under construction or renovation amounted to approximately 210,000 sqm. Gross demand reached 160,500 sqm, while the vacancy rate slightly decreased to 10.5 percent quarter over quarter.<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4817\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025.png\" alt=\"Warsaw office market \u2013 Q1 2025 snapshot\" width=\"357\" height=\"168\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025.png 357w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025-300x141.png 300w\" sizes=\"auto, (max-width: 357px) 100vw, 357px\" \/><\/p>\n<p>The market continues to show a moderate but stable development pipeline, with over 130,000 sqm of office space expected to be completed by the end of 2025. Limited office developments have been announced beyond 2027. A growing trend of refurbishing and repurposing older buildings has been noticed.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/#Demand\" >Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/#Demand_structure\" >Demand structure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/#Lease_conditions\" >Lease conditions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/#Landlords_market\" >Landlords\u2019 market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/#Time_is_crucial\" >Time is crucial<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-office-market-q1-2025-snapshot-35887\/#Whats_next\" >What\u2019s next<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Demand\"><\/span>Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The City Centre and Central Business District (CBD) remained the most active areas, generating over 60 percent of the city\u2019s total leasing volume. Vacancy rates stood at 7.4 percent in central zones and 13 percent in non-central areas, with a total of nearly 660,000 sqm of vacant office space across Warsaw. When it comes to tenant branches, \u201cBusiness services\u201d led demand, making up 13 percent of leased space, followed by \u201cBanking, insurance, and investment\u201d and \u201cManufacturing\u201d, both at 10 percent.<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4816\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025-2.png\" alt=\"Warsaw office market \u2013 Q1 2025 snapshot\" width=\"703\" height=\"242\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025-2.png 703w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025-2-300x103.png 300w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2025\/04\/Rynek-biurowy-w-Warszawie-\u2013-podsumowanie-I-kwartalu-2025-2-696x240.png 696w\" sizes=\"auto, (max-width: 703px) 100vw, 703px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Demand_structure\"><\/span>Demand structure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In terms of demand structure, new leases and pre-lets accounted for 49 percent of total activity. \u201cIt seems that the next 2 to 3 years may bring some large pre-let transactions. Given the limited supply of new speculative developments, pre-letting may become the main route for tenants to secure office space that meets their preferences for location, design, and quality.\u201d \u2013 comments Robert Pastuszka, Director, Office Agency<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Lease_conditions\"><\/span>Lease conditions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Rental rates ranged from 22 to 28 EUR (sqm \/ month) in central locations and EUR 16 to 19.5 in non-central areas. Prime rental rates, especially for top-floor offices, are exceeding EUR 30 (sqm \/ month). Service charges average around PLN 27 (sqm \/ month).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Landlords_market\"><\/span>Landlords\u2019 market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market is increasingly shifting in favour of landlords, with extended lease terms &#8211; particularly seven-year agreements &#8211; becoming more common. After years of tenants holding a strong negotiating position, the balance is changing. It is now more difficult to meet previously high negotiation expectations, as a tightening supply continues to drive rents upward and strengthen landlords\u2019 leverage compared to previous years. While this evolution is a natural part of the property cycle, it introduces new challenges for tenants.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Time_is_crucial\"><\/span>Time is crucial<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For large organisations, early engagement in lease negotiations &#8211; even two to three years before current contracts expire &#8211; is becoming essential to secure the most suitable options. In contrast, smaller companies may benefit from streamlining their decision-making processes, enabling them to respond more swiftly to opportunities. Experience from recent years shows that delays in decision-making can unnecessarily prolong leasing timelines, making flexibility and speed critical to finding the right space.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whats_next\"><\/span>What\u2019s next<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the cost of tailoring office space to tenant requirements continues to rise, lease durations are getting longer. In newly built properties, seven-year agreements have become the standard, while existing buildings typically see contracts of no less than five years. Shorter leases, such as three-year terms, are now increasingly uncommon.<\/p>\n<p>Looking ahead, we anticipate also an upward adjustment of service charges due to the indexation \u2013 it will be more expensive. Renegotiations are becoming a larger share of the annual leasing volume.<\/p>\n<p><strong>Authors<\/strong>:<\/p>\n<p>Agnieszka Bykowska, Research Analyst at Avison Young<\/p>\n<p>Robert Pastuszka, Director, Office Agency<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first quarter of 2025, Warsaw\u2019s modern office stock reached 6.28 million square metres. Only one new project was delivered during this period &#8211; the CD Projekt HQ in the East office zone, contributing 5,600 sqm of new supply. The total office space under construction or renovation amounted to approximately 210,000 sqm. Gross demand [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[4465,2553,2789,3063,2783,2688,2552,82],"class_list":["post-4815","post","type-post","status-publish","format-standard","has-post-thumbnail","category-real-estate","tag-agnieszka-bykowska","tag-avison-young","tag-beyond","tag-cd-projekt","tag-contrast","tag-leasing","tag-robert-pastuszka","tag-warsaw"],"jetpack_publicize_connections":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/4815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=4815"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/4815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/4818"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=4815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=4815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=4815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}