{"id":5166,"date":"2026-04-29T19:31:00","date_gmt":"2026-04-29T19:31:00","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=5166"},"modified":"2026-04-29T19:31:00","modified_gmt":"2026-04-29T19:31:00","slug":"warsaw-office-market-in-q1-2026-lower-occupier-activity-and-rising-rental-pressure-in-the-city-centre-29788","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/warsaw-office-market-in-q1-2026-lower-occupier-activity-and-rising-rental-pressure-in-the-city-centre-29788\/","title":{"rendered":"Warsaw Office Market in Q1 2026: Lower Occupier Activity and Rising Rental Pressure in the City Centre"},"content":{"rendered":"<p><strong>According to the latest report by AXI IMMO, the largest Polish commercial real estate advisory firm, titled \u201cOffice Market in Warsaw. Q1 2026\u201d, the Warsaw office market recorded a decline in occupier activity in the first quarter of 2026, while the availability of office space in central locations remained limited, putting upward pressure on rents.<\/strong><\/p>\n<p>According to AXI IMMO experts, gross office take-up in Warsaw reached 130,000 sq m in Q1 2026, representing a 9% year-on-year decrease. The strongest occupier activity was recorded in central zones, including the Central Business District (CBD). At the same time, no lease transactions exceeding 10,000 sq m were concluded during the first three months of the year, confirming a cautious approach by companies when making long-term location decisions. The IT sector accounted for the largest share of take-up (20%), followed by business services (13%) and the financial sector (12%).<\/p>\n<p><strong>Emilia Trofimiuk, Research Manager, Market Research and Analysis Department, AXI IMMO<\/strong>, comments: \u201c<em>The year-on-year decline in occupier activity is visible in both gross and net take-up; however, this does not indicate a structural weakening of the market. The current result is largely due to the absence of large transactions and the continued high share of lease renewals and renegotiations.\u201d<\/em><\/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-in-q1-2026-lower-occupier-activity-and-rising-rental-pressure-in-the-city-centre-29788\/#Limited_New_Supply_and_Historically_Low_Development_Activity\" >Limited New Supply and Historically Low Development Activity<\/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-in-q1-2026-lower-occupier-activity-and-rising-rental-pressure-in-the-city-centre-29788\/#Market_Polarisation_and_Growing_Rental_Pressure\" >Market Polarisation and Growing Rental Pressure<\/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-in-q1-2026-lower-occupier-activity-and-rising-rental-pressure-in-the-city-centre-29788\/#Outlook_for_the_Coming_Quarters\" >Outlook for the Coming Quarters<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Limited_New_Supply_and_Historically_Low_Development_Activity\"><\/span>Limited New Supply and Historically Low Development Activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the end of Q1 2026, Warsaw\u2019s total modern office stock stood at approximately 6.28 million sq m. During the quarter, only around 40,000 sq m of new office space was delivered, primarily in central locations.<\/p>\n<p>New completions included Studio A (24,000 sq m) developed by Skanska, Vena (15,400 sq m) delivered by Polski Holding Nieruchomo\u015bci, and the refurbished office building at 26A Przemys\u0142owa Street in Solec (3,500 sq m), which returned to the market following comprehensive modernisation. At the same time, older and technically inefficient office buildings are being withdrawn from the market, which means that total supply remains broadly stable.<\/p>\n<p>Office development activity remains extremely limited. At the end of Q1 2026, only 120,000 sq m of office space was under construction, representing a 46% year-on-year decline. The largest ongoing project is Afi Tower (50,000 sq m), part of the mixed-use Towarowa 22 development, scheduled for completion in 2028. No new office projects were launched in Warsaw during the first quarter of 2026.<\/p>\n<p><strong>Filip Kowalski, Associate Director, Office Agency, AXI IMMO<\/strong>, explains: \u201c<em>Such low development activity means that the availability of modern office space, particularly in central Warsaw, will remain limited in the coming years. This factor is already influencing landlords\u2019 rental expectations.\u201d<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Polarisation_and_Growing_Rental_Pressure\"><\/span>Market Polarisation and Growing Rental Pressure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the end of March 2026, the average vacancy rate in Warsaw stood at 9.5%, down 1.0 percentage point year-on-year. However, differences between central and non-central locations remain pronounced. Vacancy in central zones amounted to just 6.5%, compared with 12.2% outside the city centre.<\/p>\n<p>Limited availability in the most attractive office schemes continues to drive rental growth. Asking rents in Warsaw currently range from EUR 10.00 to EUR 28.00 per sq m per month, depending on location and building standard. In prestigious projects located in Warsaw\u2019s business centre, rents start at approximately EUR 19.00 per sq m per month and may exceed EUR 30.00 per sq m per month on upper floors.<\/p>\n<p><strong>Emilia Trofimiuk, AXI IMMO<\/strong>, adds: \u201c<em>Warsaw is increasingly becoming a two-speed office market. In central locations, the supply of high-quality, prestigious office space is strengthening, with rents remaining high and expected to rise further. Outside the city centre, competition will be driven primarily by price, service charges and the quality of modernisation.\u201d<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Outlook_for_the_Coming_Quarters\"><\/span>Outlook for the Coming Quarters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the weaker start to the year, take-up forecasts for the coming quarters of 2026 remain moderately optimistic. AXI IMMO experts assume that total office take-up on an annual basis may be comparable to, or even higher than, the level recorded in 2025, driven primarily by ongoing negotiations and the expected finalisation of lease agreements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the latest report by AXI IMMO, the largest Polish commercial real estate advisory firm, titled \u201cOffice Market in Warsaw. Q1 2026\u201d, the Warsaw office market recorded a decline in occupier activity in the first quarter of 2026, while the availability of office space in central locations remained limited, putting upward pressure on rents. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2898,"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":[128,2581,4526,3080,150,82],"class_list":["post-5166","post","type-post","status-publish","format-standard","has-post-thumbnail","category-real-estate","tag-axi-immo","tag-emilia-trofimiuk","tag-filip-kowalski","tag-polski-holding-nieruchomosci","tag-skanska","tag-warsaw"],"jetpack_publicize_connections":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5166","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=5166"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/2898"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}