After the first three quarters of 2025, the Warsaw office market sends a clear signal: office availability – especially in prime locations – is sharply shrinking. According to global real estate services firm Cushman & Wakefield, Warsaw’s overall vacancy rate fell to 9.7%, with the central zone reporting just 6.9%. This, coupled with new supply constraints and stable demand, is expected to lead to upward pressure on rental rates in the city centre. Interestingly, the third quarter saw a notable shift in take-up, as new leases took the lead once again, representing 45% of year-to-date activity, and renewals accounted for 42%.
SUPPLY: Office construction remains stable at a low level, with several projects set to break ground
With new developments concentrated in the city centre, tenant caution in relocating, and elevated construction and financing costs, new office supply is expected to remain constrained in the coming years. That said, construction work is set to begin soon on the second phase of Ghelamco’s VIBE, another office building within the Towarowa 22 complex, developed by Echo Investment/AFI, as well as the demolition of the Prosta 69 building, to be replaced by CPI’s LightOn,”
says Vitalii Arkhypenko, Market Analyst, Cushman & Wakefield.
TAKE-UP: Leasing activity picks up
From January to September 2025, leasing activity totalled 486,500 sqm, just 2% lower than in the same period in 2024. Notably, the key change compared with the previous quarter was in take-up by transaction type, with new leases once again leading the way and accounting for 45% of the year-to-date total, followed by renewals at 42%. Expansions made up 7% while owner-occupier deals contributed 6%. The largest transactions of the third quarter included Luxmed’s new lease for 5,600 sqm at West Warsaw Office and Alcon’s renewal of its 5,000 sqm lease at New City,”
comments Ewa Derlatka-Chilewicz, Head of Research Poland, Cushman & Wakefield.
Occupier activity in the quarters ahead is expected to remain broadly in line with the 2023–2024 levels. It will, however, continue to be influenced by overall economic conditions and the expansion and cost-optimisation strategies of multinational companies,”
adds Ewa Derlatka-Chilewicz.
VACANCIES: Market absorbs office space
The fall in the overall vacancy rate below 10% sends an important signal to the market, but tracking its variations is key. In central locations, where vacancies account for just 6.9% of total stock, the market is tightening, benefiting landlords. Meanwhile, non-central locations, with 12.1% of vacant stock, continue to offer tenants more room for negotiation and serve as a strategic alternative for companies seeking to optimise occupancy costs while remaining in attractive areas,”
comments Vitalii Arkhypenko.
RENTS: Upward trend in central locations continues
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.