The report provides an analysis of the Warsaw office market in 2023, including data on new supply, tenant activity, vacancy rates, rents and developer plans for 2024-2026. The report also identifies key trends, such as the increase in the share of renegotiations, the development of flexible office space and the growing importance of green leases.
Warsaw office market – Q3 2024
Report summary
In 2024, the total supply of modern office space in regional cities increased to 6.78 million sqm. 123,800 sqm of new space was delivered, down 56% y/y. The vacancy rate rose to 17.8%, and net absorption was 87,600 m².
The highest demand was recorded in Krakow (266,700 sqm), Wroclaw (146,500 sqm) and the Tri-City (116,300 sqm). 51% of concluded agreements were renegotiated. The most active sectors were IT, business services, industrial and finance – accounting for a total of nearly 70% of demand.
A decline in development activity is evident in the regions, with space under construction down 41% y/y. Most of the planned projects depend on securing pre-leasing agreements and financing.
Key data
6,23 mln m²
Total Office Supply
60 900 m² (–74% r/r)
New Supply
264 900 m² (+43% r/r)
Space Under Construction
748 800 m² (–13% r/r)
Total Demand (take-up)
140 600 m² (–51% r/r)
Net Absorption
10,4% (–120 pb r/r)
Vacancy Rate
