Almost 700,000 sq m of Office Space Leased in H1 2025 as Demand Holds, Supply Hits Historic Low

Poland’s office market is showing strong tenant demand against a backdrop of historically low developer activity, with nearly 700,000 sq m leased in the first half of 2025, according to Colliers. Leasing activity was 14 percent higher than in the same period of 2024, while new supply reached its lowest level on record.

Colliers reports that only 87,600 sq m of new offices were delivered nationwide in H1 2025, 97 percent of which was in Warsaw. The West-Centre zone, particularly around Rondo Daszyńskiego, remained the most active development area, with major completions including Ghelamco’s The Bridge, Echo Investment’s Office House/T22, and CD Projekt’s new headquarters. Vacancy in Warsaw fell to 10.8 percent by mid-year, with central areas at 7.8 percent compared to 13.3 percent in non-central districts.

Regional markets recorded the bulk of demand. Colliers notes that 387,200 sq m was leased outside the capital, 35 percent more than in H1 2024. Kraków led with 172,000 sq m, accounting for 44 percent of regional take-up, followed by Wrocław (21 percent) and the Tri-City (14 percent). “Companies are focusing on maintaining their current locations, which may result in increased competition for the most desirable space,” said Anna Galicka-Bieda, Partner and Director of Colliers’ Kraków office.

Other agencies confirm the trend. JLL highlighted that national take-up approached 700,000 sq m, with Q2 activity split almost evenly between Warsaw and the regions. Savills pointed to Kraków’s 85 percent year-on-year growth in leasing, while BNP Paribas Real Estate underlined Warsaw’s lowest-ever pipeline of only ~135,000 sq m under construction, more than 50 percent less than in mid-2024. CBRE noted that the pipeline in regional cities was also at a multi-year low, limiting options for tenants seeking modern, ESG-compliant space.

Rents are already showing upward pressure. Colliers places Warsaw’s starting rents between €19–29 per sq m/month, reaching €35 in the best projects. JLL’s figures are broadly consistent, citing prime asking rents at €22.5–26 in central Warsaw, with new landmark schemes closer to €28–29. In regional hubs, rates remain between €12–19.5, with Kraków and Wrocław at the upper end. Katowice, with vacancy at 22.7 percent, continues to offer tenants the greatest negotiating leverage.

Outlook: Colliers and JLL both forecast further tightening in central locations and top regional projects, with certified Class A buildings increasingly polarising demand. With only 342,300 sq m under construction nationwide and several projects delayed or converted to other uses, supply will remain constrained through 2026. Experts expect rents in the best-located new schemes to rise further, while outdated stock will either undergo modernisation or exit the market.

Sources: Colliers, JLL, Savills, BNP Paribas Real Estate, and CBRE