The Warsaw office market recorded the highest volume of new office deliveries in three years in the second quarter of 2025, according to BNP Paribas Real Estate Poland’s Review: Warsaw Office Market, Q2 2025 report. At the same time, BNP Paribas reports, the number of projects under construction fell to a historic low.
Between the beginning of April and the end of June 2025, the report asserts, Warsaw’s office market saw new supply peak at nearly 80,000 square meters – the highest quarterly total since late 2022. The largest office completions included The Bridge (at 47,000 square meters), developed by Ghelamco, Office House (27,800 square meters) by Echo Investment, and Nowa Bellona (4,800 square meters). All the new projects were delivered near Rondo Daszynskiego, Warsaw’s office hub.
“This marks the best result for new office deliveries in three years,” commented Malgorzata Fibakiewicz, Senior Director of Office Agency, BNP Paribas Real Estate Poland. “However, it’s worth noting that developers have significantly scaled back new projects. At the end of June, only around 150,000 square meters was under construction – the lowest development pipeline in years. What does this mean? Modern office space is likely to become scarcer in the coming years, especially in prime locations.”
Key projects currently under development in Warsaw’s central zones include Upper One (35,500 square meters), V Tower (30,800 square meters) and Studio A (26,600 square meters).
Leasing activity continues at a steady pace compared to previous quarters, BNP Paribas reports. Gross office take-up in the second quarter alone reached 154,700 square meters, bringing the first-half total to over 300,000 square meters, down 5% year-on-year.
In the three months to the end of June 2025, office take-up was dominated by lease renewals, which accounted for 59% of all transactions. New leases made up a significant 34% of deals, while expansions contributed 6% to the total leasing volume.
Market data shows that tenants remain cautious about pre-letting. Pre-leases accounted for just 4.1% of the total leasing activity in the second quarter of 2025, compared with 16.2% over the past 12 months.
The largest transaction to complete in Warsaw’s office market in the second quarter of 2025 saw Polkomtel extend its lease for 22,000 square meters at Multimedialny Dom Plusa in Sluzewiec. Other major lettings included an 18,000-square-meter lease by an unidentified tenant at Generation Park X in the City Centre West zone and PZU’s 6,500-square-meter lease extension at Konstruktorska Business Center in Sluzewiec. “Notably,” BNP Paribas reports, “all five of the largest transactions were lease renewals, which reflects current occupier sentiment in the capital.”
At the end of June 2025, BNP Paribas reports, unoccupied office space in Warsaw totaled 683,000 square meters, with a vacancy rate of 10.8%. Office availability in the city center declined to 7.8%, down 1.3 percentage points from the previous year. Non-central locations present a different picture, with their overall vacancy rate rising to 13.3%, up by 1 percentage point from the same period last year.
The highest vacancy rate was reported in Sluzewiec at 21.1%, while the lowest were in City Centre West (5.4%) and in Ursynow and Wilanow (7.3%). Vacancy rates also vary significantly by building age. The lowest – 4.9% – is found at office buildings completed in the past five years. By contrast, buildings aged six to ten years have a vacancy rate of 7%, while those over ten years old show a rate of 13.7%.
Asking rental rates in the Polish capital remain stable, BNP Paribas reports, although they tend to be higher for newly built projects.
“Prime asking rents in the city centre remain unchanged at EUR 22.50–26.00/square meters/month, with developments underway fetching up to EUR 28.00/square meters/month. Rental rates in non-central locations range between EUR 14.00 and EUR 18.00/square meters/month. Service charges reach up to PLN 40/square meters/month,” says Ewa Nicewicz, Senior Consultant, Office Agency, BNP Paribas Real Estate Poland.
