The office stock in Kraków, the largest regional office market in Poland, has increased by almost 70 percent since 2012, with a record 146,900 sqm having been completed in the city in 2016 alone, according to the latest report by Savills. The office stock in the city will significantly exceed one million sqm this year, with a further almost 300,000 sqm scheduled for completion in 2018-2019, the study said. The largest office projects currently under construction in Kraków include O3 Business Campus II & III (by Echo Investment, 38,200 sqm), Enterprise Park E & F (Avestus, 26,400 sqm) and High 5ive E & D (Skanska, 20,600 sqm). “Kraków is not only the largest regional office market in Poland, but also a leading business services hub in Europe with great potential. In the years to come, the office market in the city will grow even more,” said Tomasz Buras, the head of Poland at Savills. The demand has been in line with the high supply level – in 2016, a record 187,800 sqm was leased in the Kraków market. The vacancy rate, which is the second-lowest among regional markets in Poland, stood at 7.2 percent at the end of 2016 and is expected to remain low this year as over 40 percent of the 2017 pipeline has already been pre-leased, the Savills report said.
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