> **来源：[研报客](https://pc.yanbaoke.cn)** # Strong cities # City attractiveness, office market, HR trends Q4 2025 The office market sentiment, the investment potential of the city and the labour market. knightfrank.com.pl/en/research Warsaw # Warsaw City area 517.2 sq km Population 1,862,402 (state of 30.06.2024, GUS) Population forecast 2,132,000 (2030) 2,249,000 (2050) Migration balance $(+)$ 4,390 (state of 2024, GUS) Unemployment rate 1.6% (state of 11.2025, GUS) GDP growth 14.9% (2023) GDP per capita PLN 217,793 (2022) Average salary (gross) PLN 10,791.55 (in the business sector, 11.2025) # Investment attractiveness Rankings ST PL 1 11 CE in the Ranking of Shared Mobility Friendly Cities in Poland 2024 ND PLACE 1 in the ranking fDi "European Cities and Regions of the Future 2025" w kategorii Business Friendliness ND PL 1 in competition European Innovation Capital - iCapital Q RD PL 1 111 CE in the ranking fDi "European Cities and Regions of the Future 2025" - OVERALL # Investment incentives Investment support Offer for investors: individual approach; assistance at every stage of the investment, including the organization of reference visits; back office support; providing necessary information on available public aid. Key areas of support Information activities: assistance in obtaining data; providing industry know-how; city information pack. Support in acquiring office space: access to information on municipal real estate; support in choosing a location; cooperation with real estate agencies. Recruitment activities: cooperation with academic centres and universities; cooperation with HR agencies; coordination of joint activities with universities. Post-investment support: support in day-to-day operations in the form of obtaining industry information: undertaking joint activities for the development of sectors; coordination of joint projects; support in corporate social responsibility projects. in the Meetings Star Award 2025 competition in the category "New Europe Meeting Destinations" in the ranking of the most interesting travel destinations in the world - The New York Times, "52 Places to Go in 2026". in the ranking "European Cities Of The Future: 10 Places To Visit In 2026" published by Forbes magazine. in the fDi "European Cities and Regions of the Future 2025" ranking in the category Human Capital and Lifestyle in CEE ranking Sustainable Cities Index 2024 (Arcadis) The title "Best European Capital of MICE & Leisure 2026" awarded by European Best Destinations. # Quality of life in numbers # Culture and recreation 104 museums and art galleries; 35 theatres and music institutions; 38cinemas; 2,729 food service establishments, including over 500 restaurants; approx. 2.4m sq m of commercial retail space; 385 outdoor gyms; 37 swimming pools and 15 ice rinks; 11 beaches along the banks of the Vistula. # Public transport - In 2024, $90\%$ of residents rated the quality of public transport as "good" or "very good." 2 metro lines, 5 lines of Szybka Kolej Miejska, 285 bus lines with approx. 1,430 vehicles (100% low floor); investments for over PLN 6.9bn in public transport and infrastructure (2017-2025); 25 tram lines with over 456 trams; 79% of city residents consider Warsaw as bicycle-friendly city; over 3,300 city bikes; 330 bike stations; water trams and ferries on the Vistula, canoes and water skis. Bike paths over 850 km Green areas $47 \%$ # Fakty i liczby Number of students 261,331 Number of graduates 49,870 Number of universities 68 Airport - distance to the City centre 9.8 km Airport - number of passengers 21m (2024) BSS sector - number of centres 429 (2025) BSS sector - number of employed 111,500 RATING AGENCY Fitch RATING A- # Warsaw # Q1-Q4 2025 Existing stock 6.23m sq m Supply under construction 189,000 sq m Vacancy rate 9.1% New supply 89,000 sq m Take-up 794,000 sq m # Standard lease terms in new buildings Service charge PLN/sq m/month 18.00-38.00 Rent-free period 1.5-2 months for each contract year Fit-out budget EUR/sq m 250.00-750.00 The Warsaw office market ended 2025 in strong shape, driven by robust demand growth and a decline in vacancy. Total take up exceeded 794,000 sq m, marking a $7\%$ increase compared with the previous year. With new supply remaining limited, the vacancy rate fell to $9.1\%$ , its lowest level in more than five years. In the coming years, development activity is expected to stay subdued, supporting further vacancy compression and maintaining upward momentum in rental levels. # SUPPLY As of the end of 2025, total office stock in Warsaw reached 6.23 million sq m. The largest share of space (46%) is located in the city's central zones, while outside the city centre the leading submarkets are Slużewiec and Aleje Jerozolimskie, accounting for 16% and 12% of total stock respectively. Development activity remains subdued. Since the beginning of 2025, nearly 89,000 sq m of modern office space has been delivered to the Warsaw market, marking the lowest annual volume in over two decades. The largest scheme completed during the year was The Bridge, comprising 47,000 sq m, developed by Ghelamco. Currently, only 189,000 sq m of office space is under construction, with the vast majority (90%) located in central areas. More than $54\%$ of the pipeline is scheduled for delivery in 2026. # TAKE-UP The final quarter of 2025 was exceptionally strong for the Warsaw office market. Leasing activity in Q4 totalled nearly $310,000~\mathrm{sq~m}$ , the highest quarterly result ever recorded in Warsaw and accounting for $39\%$ of total annual take-up. Over the full year, office demand reached $794,000~\mathrm{sq~m}$ , representing a $7\%$ increase compared to 2024. The Warsaw office market is becoming increasingly environmentally sustainable. Currently, $67\%$ of total stock holds green building certifications, while $73\%$ of the space leased in 2025 was in certified buildings. Nearly half of this volume comprised assets meeting the highest standards, such as BREEAM Excellent and Outstanding, as well as LEED Platinum. Renegotiations dominated leasing activity, accounting for a record $51\%$ of total demand, highlighting tenants' continued cost sensitivity (including relocation and fit-out expenses). Consequently, the share of new leases declined to $40\%$ (from $43\%$ in the previous year). Lease extensions represented $6\%$ of total volume, while the remaining transactions were owner occupier deals. # VACANCY RATE Driven by limited new supply and record-high demand in Q4 2025, the vacancy rate declined to $9.1\%$ , reaching its lowest level in more than five years. The downward trend is visible across most submarkets, confirming the market's diversification and its ability to accommodate a broad range of tenant requirements. In central zones, including the CBD, City Centre and the Daszyński Roundabout area, vacancy stood at $6.1\%$ (down 0.8 pp q-o-q), while non-central locations recorded a rate of $11.6\%$ (down 0.5 pp q-o-q). Vacancy levels also vary by building age. In the newest office developments delivered after 2020, the vacancy rate is only $3.9\%$ , reflecting growing tenant preference for high-quality, modern office space. # RENTS In Q4 2025, headline asking rents remained stable q-o-q. In central locations, rents typically ranged between EUR 18.00 and $32.00 / \mathrm{sq}$ m/month, with prime buildings exceeding this level. Outside the city centre, asking rents generally stood between EUR 12.00 and $18.00 / \mathrm{sq}$ m/month. Service charges also remained stable, usually ranging from PLN 18.00 to 38.00/ sq m/month. <table><tr><td></td><td>EXISTING STOCK</td><td>SUPPLY UNDER CONSTRUCTION</td><td>VACANCY RATE</td><td>MONTHLY ASKING RENT</td></tr><tr><td>CBD</td><td>994,000 sq m</td><td>36,000 sq m</td><td>6.0%</td><td>EUR 18-32 sq m</td></tr><tr><td>City Centre(excluding Daszyński Roundabout)</td><td>1.03m sq m</td><td>36,700 sq m</td><td>7.0%</td><td>EUR 18-28 sq m</td></tr><tr><td>Daszyński Roundabout</td><td>873,000 sq m</td><td>97,000 sq m</td><td>5.2%</td><td>EUR 20-28 sq m</td></tr><tr><td>Ślązewiec</td><td>990,000 sq m</td><td>0 sq m</td><td>18.2%</td><td>EUR 12-17 sq m</td></tr><tr><td>Mokotów(excluding Ślązewiec)</td><td>395,000 sq m</td><td>0 sq m</td><td>5.0%</td><td>EUR 14-18 sq m</td></tr><tr><td>Jerozolimskie Corridor</td><td>756,000 sq m</td><td>0 sq m</td><td>10.5%</td><td>EUR 14-18 sq m</td></tr><tr><td>East</td><td>292,000 sq m</td><td>0 sq m</td><td>8.0%</td><td>EUR 13-17 sq m</td></tr><tr><td>źwirki i Wigury</td><td>264,000 sq m</td><td>0 sq m</td><td>15.2%</td><td>EUR 14-18 sq m</td></tr><tr><td>West</td><td>204,000 sq m</td><td>15,400 sq m</td><td>6.3%</td><td>EUR 13-17 sq m</td></tr><tr><td>Puławska</td><td>197,000 sq m</td><td>3,900 sq m</td><td>6.1%</td><td>EUR 14-17 sq m</td></tr></table> Annual new supply, take-up and vacancy rate Office space in Warsaw - existing and under construction The office space without green certificates The office space with BREEAM Excellent/ Outstanding lub LEED Platinum certificates The office space with all others certificates Total take-up in Warsaw 2025 Take-up structure # Michael Page "Salary Guide 2026": Poland's Energy Labour Market Accelerates as Renewables and Offshore Drive Demand for Specialists Energetic transformation is clearly reshaping the landscape of the labour market in Poland. According to the "Salary Guide 2026" published by recruitment firm Michael Page, salary growth in the energy sector is stabilising; however, demand for highly qualified professionals, particularly in renewables, energy storage, and offshore projects, remains exceptionally strong. It continues to be a candidate-driven market, but primarily for individuals with unique technical expertise and proven project experience. The fast-paced development of the energy sector, especially renewable energy sources, is pushing employers to seek candidates with increasingly broad and specialised skill sets. Engineers are in the highest demand, including installation designers, grid connection specialists, automation engineers, and SCADA experts, whose salaries in Warsaw typically range from approximately PLN 14,000-15,000 gross to PLN 19,000-21,000 for senior roles. According to Michael Page's "Salary Guide 2026", grid managers are also highly valued. Due to their critical role in connection processes, they can expect salaries exceeding PLN 20,000, with top-tier compensation reaching PLN 35,000. Developer and project-focused roles are also gaining importance. Land acquisition managers responsible for securing land for renewable investments earn, on average, around PLN 16,000, with experienced specialists reaching PLN 18,000. Wind project developers and renewable energy project managers earn between PLN 19,000 and 25,000, while offshore project roles command significantly higher rates, averaging PLN 31,000, with upper ranges reaching PLN 34,000. Analytical competencies are also becoming increasingly valuable: energy market analysis managers and energy data experts earn between PLN 18,000 and 20,000, supporting companies in forecasting and optimising energy production and demand. # SALARY STABILISATION, BUT TOP SPECIALISTS STILL SET THE TERMS Michael Page's "Salary Guide 2026" indicates clear stabilisation in remuneration across the renewable energy sector. "A few years ago, the market experienced rapid salary increases, and virtually every specialist could expect significant raises. Today, pay levels are levelling out, and companies increasingly prioritise experience and concrete technical competencies rather than potential alone," notes Antoni Komsta, Principal Consultant at Michael Page. Job opportunities remain plentiful, but they are primarily targeted at candidates with experience in both project development and execution. Recruiting offshore wind experts remains particularly challenging, as the pool of professionals with relevant experience is still very limited. "Companies developing offshore projects often lack the time for long onboarding processes and need candidates ready to step into projects immediately. As a result, they are willing to pay a premium for experienced experts. We observed the same dynamic earlier in the photovoltaic sector, where specialists were initially scarce, and the market rewarded them very generously," adds Antoni Komsta. # SOFT SKILLS AND BENEFITS GAIN IMPORTANCE AS SALARY GROWTH SLOWS With salary levels already high, employers increasingly compete for talent not only through pay but also through comprehensive benefits packages. Candidates place strong emphasis on flexible work models, work-life balance, and additional perks. In response, companies are offering subsidies for eco-friendly transport, support for installing home renewable systems, and extensive development programmes. # EDUCATION LAGGING BEHIND THE ENERGY TRANSITION Michael Page experts highlight that one of the sector's key challenges is the skills gap resulting from an education system that has not kept pace with the energy transition. "Polish education and the labour market are not keeping up with the rapid development of renewable energy, particularly offshore. Outside the Tri-City and Szczecin, it is difficult to find universities that genuinely prepare students for work in this sector. Technical universities are only beginning to adapt their programmes to the energy transition, and many curricula still rely on outdated technologies," says Antoni Komsta. EU climate regulations are accelerating the energy transition, creating new investment opportunities and generating additional jobs. At the same time, the shortage of specialists means that some projects are being executed with the support of foreign companies. "The energy transition can therefore be both an opportunity and a risk. Those who remain open to development and acquiring new competencies will benefit. For candidates who remain stuck in old patterns and resist learning, the transition may pose a risk to their position in the labour market," Komsta emphasises. # A CANDIDATE-DRIVEN MARKET - BUT NOT FOR EVERYONE The energy sector remains a candidate-driven market, particularly for individuals with unique technical skills and project experience. For candidates with shorter experience, competition is intensifying, and recruitment processes are becoming more selective. For highly specialised roles, such as substation engineers or power engineering experts, recruitment can take several months and typically concludes with a shortlist of carefully matched candidates. # Contacts in Poland +48225965050 www.KnightFrank.com.pl RESEARCH Dorota Lachowska dorota.lachowska@pl.knightfrank.com COMMERCIAL AGENCY - WARSAW T-REP Piotr Kalisz piotr kalisz@pl.knightfrank.com CAPITAL MARKETS Krzysztof Cipiur krzysztof.cipiur@pl.knightfrank.com VALUATION & ADVISORY Małgorzata Krzystek malgorzata.krzystek@pl.knightfrank.com STRATEGIC CONSULTING EMEA Marta Sobieszczak marta.sobieszczak@pl.knightfrank.com INDUSTRIAL AGENCY Przemysław Pietak przemyslaw.pietak@pl.knightfrank.com As one of the largest and most experienced research teams operating across Polish commercial real estate markets, Knight Frank Poland provides strategic advice, forecasting and consultancy services to a wide range of commercial clients including developers, investment funds, financial and corporate institutions as well as private individuals. We offer: $\triangleright$ strategic consulting, independent forecasts and analysis adapted to clients' specific requirements, $\triangleright$ market reports and analysis available to the public, tailored presentations and market reports for clients. Reports are produced on a quarterly basis and cover all sectors of commercial market (office, retail, industrial, hotel) in major Polish cities and regions (Warsaw, Kraków, Łódź, Poznan, Silesia, Tricity, Wroclaw, Lublin, Szczecin) and PRS sector in Poland. Long-term presence in major local markets has allowed our research team to build in-depth expertise of socio-economic factors affecting real estate market in Poland. Report library: # © KNIGHT FRANK SP. z o.o. 2026 This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank to the form and content within which it appears. Substantive preparation: Michal Kusy / Research / Knight Frank Graphic design: Karolina Chodak-Brzozowska / Art Director / PR & Marketing / Knight Frank PARTNER OF THE PUBLICATION: CONTACT IN CITY COUNCIL'S OFFICE: biznes.um.warszawa.pl promocjagospodarcza@um.warszawa.pl Warsaw has a lot to offer both for tourists and those who are thinking about staying here as residents, investing, opening a branch of your company or starting new business. For the investors we offer: - individual approach; - assistance at every stage of the investment, including the organization of reference visits; - administrative support; - providing necessary information on available public aid. # MichaelPage # CONTACT: Antoni Komsta Principal Consultant, Engineering antonikomsta@michaelpage.pl +48667995399 www.michaelpage.pl