One of the leading companies in the research and development sector has decided to extend its lease agreement for an office of nearly 2,500 sqm in the Quattro Business Park building in Krakow, managed by Globalworth. In addition, the tenant decided to redesign the office, adapting it to new needs and standards.
Echo Investment has secured three standing and working 1st generation shopping malls belonging to the Tesco Group. Altogether, around 240,000 sqm mixed use area consisting of office, retail and residential space can be developed on plots located in Poznań, Łódź and Cracow.
Krakow has nearly doubled its office stock over the last four years, becoming the largest and fastest-growing regional city office market in Poland, reveals Savills in its latest report.
Diamante Plaza, an office building located in the dynamically developing district of Kraków, was sold to Catalyst Capital. Experts from Capital Markets at BNP Paribas Real Estate Poland provided commercial advisory to the buyer and supported him in finalising the purchase.
The third phase of the Skanska - High5ive office complex is underway. The final building with an area of over 11,000 sq m will be the first Skanska office building in Krakow with a WELL certificate, awarded to healthy and comfortable workplaces.
Symphony Solutions, an international tech company, has chosen a location for its Krakow office. It will relocate to Principio, where it will take occupancy of approximately 850 sq m of office space in May 2020. The tenant was represented in the transaction by Savills while the landlord was advised by Knight Frank.
Savills has been appointed as sole adviser to M7 Real Estate for the fund’s entire office portfolio. Savills will be responsible for office space leasing and property management.
A growing group of business owners positively assesses Krakow's business potential - according to the report 'Krakow's investment potential'. Their scientific potential and the attractiveness of their living places attract the most to the capital of Lesser Poland (8.6 points and 7.7 points on a 10-point scale, respectively).
The report describing the Krakow market is part of the broader research project "Business Environment Assessment Study" carried out by Antal in cooperation with Cushman & Wakefield and Vastint. The respondents - persons managing Polish enterprises - were asked about places in Poland where they would be willing to locate their investments. Each of the regional cities has been listed at least once. Krakow was in fifth place among the most frequently considered places in terms of new investments.
Krakow is one of the leading research centers in Poland
Entrepreneurs are not afraid of the lack of appropriate human resources in the future. Educational potential understood as the availability of future employees took first place among the assessed aspects at 8.6 points. on a 10-point scale. This was due to two indicators - higher education facilities (8.8 points) and vocational education / secondary schools facilities (8.3 points). Almost 150,000 study in Małopolska students. At the same time, about 50,000 graduate from studies in Kraków each year. graduates - these are huge resources in the current labor market, which is struggling with a deficit of employees. The most specialists are educated in the field of engineering, finance and IT.
Krakow is the best place to live for future staff?
Krakow is primarily a culture of culture. The respondents considered the city's most important asset to be a rich cultural offer (8.9 points), which organizes the largest Krakow festivals and events in the fields of music, theater, film, fine arts and literature. The commercial offer (8.4 points) and security (8.3 points) as well as the educational offer (8.2 points) were also positively assessed. As part of the cultural offer, the largest Krakow festivals and events in the fields of music, theater, film, fine arts and literature are organized. Festivals that are worth mentioning are the Jewish Culture Festival, the International Music Festival in Old Krakow, the Street Theater Festival, the Divine Comedy International Theater Festival, the Polish Music Festival and Krakow Theater Miniatures.
Big competition is an advantage for the future investor
A company that thinks about the location of its business in a selected city always checks how much competition there is. In the case of Krakow, respondents rated this aspect at 7.3 points. The indicator was market saturation with competing companies, where 0 means no competition, and 10 - virtually all competing companies are present in the location.
Krakow is perceived as a favorable place to conduct business and investment activities thanks to numerous scientific and research units, a qualified workforce and successively implemented investments. There has been talk of market saturation for a long time, especially in the SSC / BPO sector, but subsequent successful business projects testify to the still existing development potential. This situation is also favored by significant relocation potential in the context of employees from across the western border, for whom Krakow is the first choice because of their high tourist position.
- Entrepreneurs are increasingly choosing Krakow as a place for future investments. The city's advantage is its well-qualified staff and many students who provide permanent access to educated employees. The dynamic business development and a large number of companies already present on the market translate into the growing staffing demand and intensive exploitation of the candidate's market. In addition to the supply of local graduates, interest in Krakow from candidates from other parts of the country is increasing. An important relocation argument is not only the cultural offer of the city, but the dynamically developing labor market - says Artur Skiba, President of Antal.
Over 1 million sq m modern office space
For several years, Krakow has been a leader on the office space market among regional cities in Poland. According to the Antal report - the availability of office space in Krakow was rated at 7.2 points. The study participants also distinguished high quality of available space (7.8 points) and easy access to the office by public transport (7.6 points).
- Over the past ten years, the Krakow office market has grown nearly five times. Companies planning development in the capital of Lesser Poland appreciate above all the availability of talent and the city's recognition as a top business destination. By the end of 2019, Krakow will offer over 1.4 million square meters, which confirms its dominant position on the regional office space market. New and planned office investments are being filled by new tenants. With their growing
Source: Cushman & Wakefield
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