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Cushman & Wakefield dominates Krakow’s office market

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Global real estate services firm Cushman & Wakefield had the largest share at 28% of Krakow’s office leasing market in 2017.

With nearly 55,000 sq m of office space transacted last year, Cushman & Wakefield led the way on the rapidly growing Krakow market, more than 30% ahead of the runner-up (38,000 sq m) and 44.5% ahead of the third place (30,000 sq m).

In 2017, Cushman & Wakefield acted as an agent on 28 lease transactions in Krakow totalling nearly 55,000 sq m, most of which was leased under new deals. The firm represented a broad spectrum of tenants responding to requirements of a diverse base of local and global occupiers across many sectors. New leases brokered in Krakow by Cushman & Wakefield were signed by ALTEN, ESET, Euro-Net, InnoEnergy CE, KingFisher, MIG, Miquido, OPW (PetroVend), Revolut and TrueBlue, while expansions were concluded by Akamai, Alior Bank and GlobalLogic.

In addition to advising tenants, Cushman & Wakefield represents landlords of new office buildings in Krakow and is the only agency with unrivalled experience in re-letting of existing schemes. Its portfolio comprises such buildings as Astris, Quattro Business Park and Z1. In 2017, Cushman & Wakefield brokered seven renegotiations totalling more than 25,000 sq m.

Michał Galimski, Associate, Office Agency, Cushman & Wakefield, said: “I want to thank our clients for their continued trust. Thanks to them we have maintained our strong growth momentum in Krakow for several years and have ultimately emerged as a market leader. Our prospects for upcoming years look equally good. Occupier demand remains healthy, leading to strong developer confidence and more office projects breaking ground. Krakow’s office stock is expected to hit approximately 1.45 million sq m in late 2019.”

Krzysztof Misiak, Partner, Head of Regional Cities, Office Agency, Cushman & Wakefield, said: “The dynamic growth of Krakow is part of the ongoing decentralisation of the Polish office market. Five years ago the Warsaw office market was eight times the size of Krakow’s, now it’s less than five. Krakow is our strategic market and we intend to develop all our business lines there.”