Our Marketbeat reports offer quarterly updates on commercial real estate, including supply, demand, rents and vacancy. We're excited to share the latest insights into Office Market, highlighting current trends and opportunities.
Key Takeaways – Marketbeat Office Warsaw Q1 2026
Warsaw is facing a structural supply shortage, which favours well-performing and attractively located assets. The office development pipeline has fallen to a 30-year low, with only 118,000 sqm under construction. While new completions are still being delivered, the shrinking pipeline signals a future undersupply.
Vacancy remains low and resilient, especially in the city centre. Despite a slight quarter-on-quarter increase, Warsaw’s vacancy rate stands at 9.5%, down year-on-year. Central zones perform exceptionally well, with vacancy at just 6.5%, compared with 12.2% in non-central locations. With limited future supply, further compression of availability in central areas is expected, reinforcing upward pressure on rents.
Prime office rents in Warsaw have reached EUR 24–29/sqm/month in the city centre, with sustained growth recorded in both existing buildings and projects under development.
Non-central locations also recorded rental increases, broadly in line with inflation. Leasing activity totalled 133,800 sqm in Q1 2026, broadly in line with 2024, with a slight 9% decline compared to Q1 2025. Demand is supported by the growth of shared service centres, alongside strong activity from business services, IT, banking, pharmaceutical and public sector occupiers.
Poland’s office market continues to operate in a low-supply period. Development activity remains close to historic lows, with the total pipeline shrinking significantly in both Warsaw and regional cities. With only 160,000 sqm expected to be delivered in 2026 and even less in 2027, competitively located, high-quality assets are set to benefit from tightening supply conditions, creating strong positioning opportunities for well-performing buildings.
Vacancy rates are stabilising. Poland’s average office vacancy rate stood at 13.6%, while Warsaw remains one of the most resilient markets, with vacancy at 9.5%. Tricity and Warsaw recorded the highest absorption relative to stock over the past two years, underlining their attractiveness for occupiers seeking balanced market conditions and long-term growth potential.
Prime office rents continue to grow, especially in top-tier locations. Rising costs and limited new supply continue to support rental growth in high-quality projects.
Prime assets are benefiting from improving financing conditions and ESG-driven strategies.
Please get in touch if you have any further questions relating to these insights or current market conditions. Find out more by visiting our
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Ewa Derlatka- Chilewicz Associate Director, Head of Research | Poland Email me
Vitalii Arkhypenko Consultant, Consulting & Research | Poland Email me
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