The modern office space stock in Kraków, the capital of the Małopolska region, currently stands at 1.83 million square meters, accounting for over 14% of the total supply in the country. The city continues to attract tenants steadily — in the first quarter of 2025, nearly 57,000 square meters of lease agreements were signed, marking the best result among all regional markets in Poland.
Rising Demand Amid Limited Supply
“In the first quarter of 2025, no new office buildings were delivered in Kraków; however, 61,000 square meters of office space remains under construction — the largest volume among all regional markets. More than half of this space is expected to be completed in 2026. The largest ongoing project is Tischnera Green Park (28,500 sqm), developed by Stalprodukt,” comments Michał Kusy, market research analyst at Knight Frank.
“The dynamic increase in demand has driven a 31% year-on-year growth in leasing volume, reaching nearly 57,000 sqm. This represents 32% of the total leasing volume outside Warsaw. Particularly noteworthy is the demand structure — 53% were new leases, while 34% were renegotiations, which reverses the trend from last year. A high share of expansion (13%) suggests further growth of the local market,” adds Aleksandra Markiewicz, director in the tenant representation department at Knight Frank.
Sustainability as a Key Criterion in Office Selection
“Tenants in Kraków are increasingly choosing eco-friendly, certified buildings. As much as 71% of the office space leased in the first quarter of 2025 was located in properties with green certifications, nearly half of which hold the highest ratings (BREEAM Excellent, BREEAM Outstanding, and LEED Platinum),” complements Aleksandra Markiewicz.
Falling Vacancy Rate and Stable Rents
At the end of March 2025, Kraków’s vacancy rate dropped to 17.6% — the lowest level in two years, marking a decrease of 1.4 percentage points compared to the previous quarter and 2.6 percentage points year-on-year.
Rent levels in the city remain stable, typically ranging between €10 and €18 per square meter per month. However, in the most prestigious locations, prices can significantly exceed the upper end of this range. Operating costs have remained largely unchanged, ranging from PLN 16 to 29 per square meter per month.
Kraków’s Strong Foundations for Further Office Market Growth
Stable demand, development of projects meeting high sustainability standards, and a healthy vacancy rate indicate the maturity and resilience of Kraków’s office market. Forecasts for the coming quarters are optimistic for both investors and tenants alike.
