Krakow remains the leading regional office market, Savills shifts its local office to High5ive
In response to the rapid growth of the Krakow property market, real estate advisory firm Savills has moved its local office to High5ive. Krakow is the largest regional office market in Poland. According to Savills data, nearly 60,000 sqm of new space was delivered in the city in the first half of 2018 and almost 300,000 sqm is currently under construction.
Savills new Krakow office is located at 9 Pawia Street on the office space of coworking space operator Business Link. The office offers elegant common areas and conference rooms for tenants, space for creative work and enclosed private offices. High5ive is a modern office complex developed in phases by Skanska Property Poland. Once fully built out, it will provide a total of approximately 70,000 sqm.
“We enjoy excellent working conditions in our new office. Working as a real estate adviser you have to attend many meetings, both in and outside the office, but you also need to concentrate. Coworking space guarantees us comfort for each of these situations while flexible lease conditions are a favourable solution if we continue to expand and require more office space in the future,” says Rafał Oprocha, Head of Southern Poland, Office Agency, Savills.
At the end of June 2018, Krakow’s total office stock stood at approximately 1,150,000 sqm. The city’s vacancy rate edged up by 0.1 p.p. year-on-year to 9.3 percent. Office take-up hit approximately 77,000 sqm while just under 60,000 sq m of new office space was added to the market in the first half of 2018. Nearly 300,000 sqm is currently under construction. Base rents at prime office buildings range between €13.5-14.5 per sq m per month.
“Krakow remains Poland’s leading regional office market and continues to expand at a rapid pace. It is the first regional city whose office stock surpassed the one million sqm mark. Nearly half of that total was developed in the last four years, which combined with the city’s strong university base creates very good conditions for companies wanting to open offices here,” adds Rafał Oprocha.