Office space in Kraków with a good transaction volume

Kraków ended last year with a transaction volume of 157,700 sqm, which consistently ranks the city first in terms of demand among regional cities. The total supply of office space has reached the level of almost 1.55 million sqm, as shown in the latest data from Colliers.

“The Covid-19 pandemic obviously had a very big impact on the office market in Kraków. Over the past few months, many tenants have been redefining their needs in terms of office space,” Anna Galicka-Bieda, partner, regional director of Colliers in Kraków, said.

One of the significant changes in the local market is the significant increase in the number of renegotiations in the volume of contracts concluded on the Krakow office market. In 2020, their share was 46 percent, compared to 33 percent for the entire 2019.

“The pandemic definitely influenced tenants' decisions. The recorded increase in the share of renegotiations in the volume of transactions was, on the one hand, the result of the natural extension of expiring contracts, and on the other hand, it resulted from seeking savings in the first months of the pandemic. Here, both landlords and tenants have shown great flexibility, as evidenced by a large share in the renegotiation of short-term contracts,” Anna Galicka-Bieda added.

(WBJ)