Where do core funds buy in Warsaw?

Trophy submarket — Wola — and the most defensible long-WAULT assets within it.

For institutional fund strategies, Wola carries the strongest investor flag in Warsaw, with prime yields around 5.6%.

Trophy submarket (Wola) carries the strongest investor flag.
Prime yield: 5.6%.
Core funds buy income; value-add buys repositioning of secondary stock.
Cap-rate spread between trophy and secondary has widened post-2022.

Warsaw office fund strategy and flag

For institutional fund strategies, Wola carries the strongest investor flag in Warsaw, with prime yields around 5.6%.

TL;DR

Trophy submarket (Wola) carries the strongest investor flag.
Prime yield: 5.6%.
Core funds buy income; value-add buys repositioning of secondary stock.
Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Warsaw, that's Wola and assets like Varso Tower, Warsaw Spire.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

city	Warsaw
country	Poland
region	EMEA
classARentLocal	1080 PLN/sqft/yr
classARentUsd	$270/sqft/yr
vacancy	11.4%
typicalLeaseYears	5
typicalRentFreeMonths	6
submarkets	5
primeYieldPct	5.6%
primeYield	5.6%
trophyAnchor	Wola

Frequently asked questions

Where do core funds buy in Warsaw?: Trophy submarket — Wola — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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