According to “Office Occupier – Office Market in Kraków”, a report published by real estate advisory firm Newmark Polska, the first half of 2026 saw a marked shift in occupier demand in the Kraków office market towards the Centre. Although take-up declined from the exceptionally strong level recorded in the corresponding period in 2025, leasing activity gained significant momentum in the second quarter. Meanwhile, development remained subdued, with the launch of new projects largely dependent on securing sufficient pre-let levels. The vacancy rate edged up to 19.0%, although it remained as low as 10.5% in the Centre, which continues to attract the strongest occupier interest.
At the end of June 2026, total modern office stock in Kraków amounted to 1,870,000 sqm, up 1.9% year-on-year. Office completions in the first half of the year totalled 27,300 sqm, nearly 130% above 2025’s level but almost 86% below the more than 190,000 sqm delivered in the peak year of 2017. H1 new supply was delivered exclusively in the Centre and comprised Fabryczna Office Park B7 (8,400 sqm, Q1) and buildings B and C of the WITA complex (a total of approximately 18,900 sqm, Q2). Looking ahead, only one office building – Soneta, spanning approximately 8,700 sqm – is scheduled for delivery by the end of this year.
“Substantial office availability in existing buildings, combined with office consolidation and optimisation, continues to weigh on development activity in Kraków. Since 2022, new development has averaged approximately 47,000 sqm per quarter, representing a precipitous decline from the average of more than 208,000 sqm in 2016–2022. At the end of June, approximately 37,300 sqm was under construction, down more than 44% year-on-year. The largest project under way was the first phase of Tischnera Green Park, comprising 24,000 sqm in the South-East and accounting for more than 64% of the total development pipeline. According to developers, more than 76% of office space under development is expected to be delivered to the market in 2027. The launch of new projects will largely depend on securing a major tenant or achieving the required pre-let levels,” says Patryk Kowalkowski, Advisor, Newmark Polska.
In the first half of 2026, office take-up in Kraków surpassed 73,000 sqm, down more than 57% from the record high of 172,000 sqm posted in the same period last year. After a quiet first quarter, which saw approximately 15,000 sqm transacted, leasing activity gained significant momentum in the second quarter, with more than 58,400 sqm leased. The year-on-year decline in take-up did not, however, significantly affect the average lease size, which fell by less than 7%, from 1,400 sqm to 1,300 sqm in the first half of 2026.
“During the first six months of the year, Kraków remained one of the most active regional office markets in Poland, accounting for nearly 24% of total take-up recorded outside Warsaw. The first half of 2026 saw a marked shift in the structure of take-up by transaction type compared with the corresponding period in 2025. The share of renewals fell from nearly 72% to approximately 50%, while that of new leases increased from approximately 21% to almost 43%. The remaining 7% comprised expansions. Notably, no prelets were recorded during the period under review. Manufacturers accounted for the largest share of take-up, at 31.3%, followed by the financial sector (20.2%), IT (14.9%) and professional services (8.2%),” says Tomasz Chojnacki, Regional Director, Office Department, Newmark Polska.
In the second quarter of 2026, Kraków’s vacancy rate began to edge up following a slight dip over the previous six months. At the end of June, it stood at 19.0%, up 0.6 pp quarter-on-quarter and 1.7 pp year-on-year. Nearly 356,000 sqm of office space remained available for immediate occupancy in existing buildings. The increase in office availability was driven by both completion of new developments and the return of space to the market in some older buildings. The highest vacancy rate, at 33.3%, was recorded in buildings completed in 2005–2009, while the vacancy rate in modern buildings delivered after 2020 and in central, well-connected locations stood at 16%.
Office rents remained relatively stable in Kraków throughout the first half of 2026.
“Rents stood at €14.00–18.50 per sqm per month in most modern office buildings and reached €19.00–19.50 in the newest and best-located projects in the Centre. With office availability remaining high in non-central locations, tenants continue to benefit from flexible lease terms and more generous incentive packages. Looking ahead, constrained new supply is likely to gradually strengthen the bargaining position of owners of prime, energy-efficient and well-connected office buildings,” says Agnieszka Giermakowska, Research & Advisory Director, ESG Lead, Newmark Polska.
