Condensing economizers are used in the industry as they enable the acquisition of additional heat during vapor condensation. In condensing heat exchangers, water is the usual cooling agent due to its high specific heat capacity and thus efficient heat removal. Therefore, experiments of hot humid air condensation in a serpentine economizer being cooled by water were performed to reveal the effect the cooling water flow rate has on humidified air condensation in separate rows of the serpentine type economizer (with vertical tubes). The results have shown that the cooling ratio (mass flow ratio between the coolant and the humid air) had a minor effect on the distribution of the humidified air temperature along test section for inlet Reynolds number of 3000–10000. The effects on the condensation flux distribution in different rows were much stronger. The most optimal cooling ratio was determined to be 3. The results have shown that the biggest condensation efficiency is up to 35%. It was revealed that in some cases the convection was prevailing in the first rows of the economizer and this resulted in a decreased efficiency/performance of the exchanger.The obtained results from the practical point of view will provide an extended basis for the optimisation of the design of economizers for waste heat recovery in the cases of different cooling water flow rates. It could also be applied to validate computational models developed for condensation heat transfer and condensate flux numerical modelling along economizer.