The Warsaw office market experienced a significant increase in new office space completions in Q2 2025, with nearly 80,000 sqm delivered—the highest quarterly volume since late 2022. This uptick was driven by major projects such as The Bridge by Ghelamco (47,000 sqm), Office House by Echo Investment (27,800 sqm), and Nowa Bellona (4,800 sqm), all of which were completed in the Rondo Daszyńskiego area. The data comes from BNP Paribas Real Estate Poland’s latest Review: Warsaw Office Market, Q2 2025. Despite the surge in completions, the development pipeline is contracting. At the end of June, only around 150,000 sqm of office space was under construction—the lowest level recorded in several years. This suggests that new, modern office space, particularly in prime locations, may become more limited in the near future. Key projects currently under construction include Upper One (35,500 sqm), V Tower (30,800 sqm), and Studio A (26,600 sqm), all of which are located in central Warsaw. Demand for office space remains steady. Gross leasing activity in Q2 2025 totalled 154,700 sqm, bringing the H1 total to more than 300,000 sqm, which represents a year-on-year decrease of 5%. Lease renewals dominated Q2 transactions, accounting for 59% of activity, while new leases made up 34% and expansions 6%. Pre-lease agreements remained limited, contributing just 4.1% to the total, according to BNP Paribas Real Estate Poland. The largest transaction in the quarter involved Polkomtel, which extended its 22,000 sqm lease at Multimedialny Dom Plusa in Służewiec. Other large transactions included an 18,000 sqm lease by an undisclosed tenant at Generation Park X in City Centre West and PZU’s 6,500 sqm renewal at Konstruktorska Business Center. Vacancy rates across Warsaw stood at 10.8% at the end of June 2025, with 683,000 sqm of space unoccupied. The vacancy rate in the city centre declined to 7.8%, while in non-central areas it rose to 13.3%. The highest rate was observed in Służewiec (21.1%), while City Centre West and Ursynów-Wilanów recorded the lowest (5.4% and 7.3%, respectively). Buildings completed in the past five years had the lowest vacancy rate at 4.9%, compared to 7% for buildings aged six to ten years and 13.7% for those over ten years old. Rental levels have remained stable, particularly in central locations. According to Ewa Nicewicz, Senior Consultant at BNP Paribas Real Estate Poland, prime rents in the city centre range from EUR 22.50 to EUR 26.00 per sqm per month, with top-end developments reaching up to EUR 28.00. Rents in non-central zones vary between EUR 14.00 and EUR 18.00 per sqm, with service charges reaching PLN 40 per sqm. This mix of robust leasing activity and a shrinking development pipeline signals that availability in Warsaw’s office market could tighten, particularly in central zones, if new supply does not increase in the coming quarters. Source: BNP Paribas Real Estate Poland