According to “Office Occupier – Warsaw Office Market”, a report published by real estate advisory firm Newmark Polska, the first half of 2026 brought a notable revival in occupier demand in the Warsaw office market amid subdued development activity. Following a relatively quiet start to the year, take-up rebounded markedly in the second quarter, resulting in one of the strongest quarterly performances in recent years. Meanwhile, the near absence of new supply in the second quarter, coupled with the continued withdrawal of older, less efficient office buildings from the market, pushed office availability and vacancy rates lower.
At the end of June 2026, Warsaw’s total office stock stood at almost 6.24 million sqm, having contracted by just under 1.5% year-on-year. In the first half of the year, a total of 45,200 sqm of new office space came on stream, with almost 95% of completions taking place in the first quarter. No new office buildings were delivered between April and June. The only office space added to the market during this period was 2,350 sqm in the refurbished Przemysłowa 26 office building. The Warsaw office market shrank again quarter-on-quarter, by more than 43,600 sqm, largely due to the continued withdrawal of older office buildings from the market.
Despite a slight rebound in recent months, development activity remains subdued. At the end of June 2026, approximately 124,600 sqm of modern office space was under construction, with more than 115,900 sqm (93%) located in central areas.
“The largest volume of projects underway is in the City Centre, particularly in City Centre West – around Rondo Daszyńskiego.
Although the construction pipeline expanded by more than 8% compared with the end of March, development activity remains well below the levels recorded in previous years, with only approximately 3,900 sqm scheduled for completion by the end of December. This will bring 2026’s new supply to close to 50,000 sqm, marking the lowest annual total since records for the Warsaw office market began. Looking ahead, new supply is expected to remain constrained in 2027 as well, with new completions likely to exceed 60,000 sqm only marginally,” says Karol Wyka, Executive Board Director, Head of Office Department, Newmark Polska.
Total take-up in the six months to June 2026 reached nearly 416,600 sqm, representing a 38.4% increase year-on-year.
Leasing activity gained momentum particularly in the second quarter, which saw almost 282,800 sqm leased – more than double the first quarter total. This also marked the strongest second quarter result in the history of the Warsaw office market. Occupier activity was concentrated in central locations, which accounted for nearly 60%, or 247,700 sqm, of overall take-up. Leases signed in non-central locations totalled 168,900 sqm.
“In the first half of 2026, the Warsaw office market saw five transactions exceeding 10,000 sqm each, all of which were signed in the second quarter. Together, these accounted for more than 91,300 sqm, representing nearly 22% of take-up recorded in the first six months of the year. Four of these leases were for space in central locations, confirming the continued preference of the largest tenants for modern, well-connected office buildings in the city centre. The limited availability of large office units in central locations is likely to place further upward pressure on rents in the coming quarters,” says Magdalena Zagórska, Director, Office Department, Newmark Polska.
Leasing activity in the first half of 2026 was dominated by renegotiations and renewals, which accounted for 48% of total take-up, followed by new leases at 42.8%. Expansions and pre-lets made up 5.4% and 3.5% of leasing volume respectively, while owner-occupier transactions represented just 0.3%.
At the end of June 2026, Warsaw’s vacancy rate stood at 8.5%, down 1.0 pp quarter-on-quarter and 2.3 pp year-on-year. This equated to less than 529,500 sqm of vacant office space for companies seeking new locations – the lowest level of availability recorded in the capital since Q2 2020.
At the end of the second quarter of 2026, prime monthly office rents ranged between EUR 22–28 per sqm in the city centre and EUR 16–18 per sqm in non-central locations.
“Current market conditions clearly favour landlords. Shrinking office availability, constrained new supply and robust occupier activity in the second quarter are strengthening the bargaining position of owners of top-tier office properties, particularly in central locations. As a result, prime office rents are expected to come under further upward pressure in the coming quarters, especially in modern office buildings offering larger spaces, high-quality technical specifications and advanced energy-efficiency and ESG features. Meanwhile, older office buildings, particularly in non-central locations, will require refurbishment, repositioning or repurposing to remain competitive,” says Agnieszka Giermakowska, Research & Advisory Director, ESG Lead, Newmark Polska.
