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3 questions for: Rafał Oprocha, Director of Southern Poland at Savills

How has the real estate market in Krakow generally developed in recent years and what is the outlook?

Kraków has been under constant development for many years concerning all segments of real estate market i.e. residential, hotel, co-living and leisure areas. However, probably the most spectacular change took place in the office sector, especially in the eastern fringe of the city centre and southern districts of the town. This is followed by public transportation investments including, amongst others, construction of new roads and junctions, new tram & railway connections servicing both Kraków and neighbouring cities and the re-development of Balice International Airport. Kraków is the number one regional city in Poland in terms of office supply and tenants activity that is proved by outstanding level of office absorption. The demand for offices is mainly driven by growing expansion needs of either current or new occupiers that allocate the most diverse and sophisticated SSC, R&D, ITO/BPO and FinTech processes in Krakow. The outlook for the future seems to be very positive, having in mind that Krakow attracts leading centres of excellence for modern business services, and as a consequence generates demand in various branches of the property market. 

What distinguishes Kraków as a location for office projects from other Polish cities?

Kraków is a very vibrant city attracting young professionals and students from around the world. It is well recognized with a pool of talent and a number of universities, a very well developed public transportation system including trams/railway connections, as well as the A4 motorway and an international airport. All of the factors together with the unique atmosphere of the city, which is known as the cultural capital of Poland, play an important role when attracting the key players of the market.   

What are your three most valuable tips for anyone visiting Krakow on a business trip?

Stay in Kazimierz district, take a Melex tour around the city, go for a morning run along the riverside, have a lunch in the Old Town by the Market Square, work from one of the centrally located serviced offices, take the direct train from the airport instead of a taxi and, if time allows, visit Wieliczka salt mine that is on the UNESCO World Heritage list, which is along the same train line.

 

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