Warsaw Offices: The Tenant’s Market Has Just Ended

The first half of 2026 brought a shift to the Warsaw office market that many tenants will only feel at their next round of negotiations.

Nearly 417,000 m² of space was leased — 38% more than the previous year. The vacancy rate fell to 8.5%, and rents for prime offices exceeded EUR 30 per square metre per month. The second quarter was particularly active, accounting for 70% of the half-year’s demand.

The average, however, conceals reality. In central zones, vacancy stands at 4.8%; outside the centre, 11.8%. It is a difference that fundamentally alters negotiating position depending on the address.

The cause lies on the supply side. In the first half of the year the market gained 45,210 m² of new space, but ongoing modernisations and redevelopments reduced stock by more than 70,000 m² since January. The balance is negative. By the end of 2026, just 3,900 m² is scheduled for delivery, within a single building.

Availability of space above 5,000 m² remains exceptionally limited, significantly reducing options for relocation and expansion. This is visible in the transaction structure: renegotiations accounted for 48% of demand, new leases 46%. Some companies are staying put not because they are satisfied — but because there is nowhere to move.

All five transactions above 10,000 m² were finalised in the second quarter. The two largest were renegotiations in central zones.

Companies planning a relocation in the 2027–2028 horizon should begin the process earlier than conventional practice would suggest. With shrinking supply in the centre, the advantage belongs to those who analyse the market in advance — and conduct parallel conversations before an expiring lease narrows their room to manoeuvre.