Warsaw drives Polish office market comeback

Poland's office market is experiencing a significant resurgence, with Warsaw emerging as a rapidly growing and attractive destination for both businesses and investors.

Knight Frank

According to research by Knight Frank, this comeback is fueled by strong economic growth and renewed confidence from investors.
Poland's economy is projected to surpass USD 1 tn GDP by 2025, placing it among the top 20 global economies.
Office leasing activity increased by 15% year-on-year in the first half of 2025, nearing pre-pandemic levels.
Vacancy rates are stable, with Warsaw's central business district seeing a low 7.1% vacancy.
Prime office rents in Warsaw are strong (€18–35 per m2/month) and are expected to continue rising.
Over €2 bn has been invested in Polish offices since 2024, more than any other sector, highlighted by the €280 mln sale of Warsaw UNIT.
The market for office occupiers is gaining momentum, driven by limited new supply and a strong demand for modern, environmentally friendly, and hybrid-work-friendly spaces, particularly in prime Warsaw locations.
The investment market is also drawing significant attention, with "Core" and "Core+" assets seeing the most transactions. While Warsaw remains the primary focus, regional cities like Kraków are also attracting investors. 
Polish office spaces offer competitive pricing (€4,500–€6,000 per m2 in Warsaw) compared to other major European cities such as Frankfurt, Munich, or Paris. Prime yields are attractive at 6% in Warsaw and 7.5% in regional markets, with expectations of further yield compression due to increasing competition for top properties.
Charles Taylor, CEO at Knight Frank Poland, commented: “We are witnessing a real resurgence of Poland’s office market. Warsaw, in particular, is benefiting from a unique combination of strong occupier demand, limited new supply, and competitive pricing compared to Western Europe.”
With a strong economy, resilient occupier demand, and a growing wave of international and private capital, Knight Frank believes that Poland’s office market is firmly on the path to resurgence. Warsaw, in particular, is cementing its position as one of Europe’s leading office destinations and will be increasingly attractive to investors.