Warsaw office market sees rising demand amid record low supply

The Warsaw office market is experiencing a period of high tenant activity coupled with historically low new supply. In the first three quarters of 2026, lease transaction volumes exceeded 592,000 square meters, representing a 22% year-on-year increase. Consequently, the vacancy rate has dropped to 7.9%, the lowest level in six years.

New supply remains critically limited; no new office buildings entered the market in the third quarter of 2026. Total resources increased by approximately 45,000 square meters since the start of the year, with only 4,000 square meters expected by year-end. This makes the annual new supply one of the lowest recorded in the capital over the last two decades.

Looking ahead to 2027–2028, approximately 160,000 square meters of modern office space is planned, with over half of current developments concentrated near Rondo Daszyńskiego. Major ongoing projects include AFI Tower, Upper One, Drucianka Campus, and Skyliner II. Due to limited availability, companies are increasingly utilizing pre-let agreements, which accounted for 16% of contracts in the third quarter.