Kraków's office market recorded lower occupier activity and limited new supply in the first half of 2026, according to AXI IMMO's latest report. Gross take-up totalled 73,000 sqm, a 58% year-on-year decline, while net take-up reached 36,000 sqm, down 27% year on year. Manufacturing companies accounted for the largest share of demand at 31%, followed by the financial sector at 20% and IT companies at 15%. The largest transaction was a new lease signed by Brown Brothers Harriman for 13,700 sqm at WITA C, with Akamai renewing at Vinci Office Centre (5,400 sqm) and PepsiCo renewing and expanding at Brain Park A (5,400 sqm).
"The decline in take-up in H1 2026 compared with the same period of the previous year was inevitable, given the exceptionally high base, and the market was unable to sustain that pace of activity. Despite lower occupier activity, Kraków remains the largest and most developed office market among Poland's regional cities, while demand for modern office space in central locations continues to be strong," said Karolina Słysz, Head of Regional Markets, Office, AXI IMMO.
Total modern office stock in Kraków stood at 1.87 million sqm at the end of June 2026. Developers delivered nearly 34,000 sqm of new space in the first half of the year, including two buildings within Echo Investment's mixed-use WITA development and Fabryczna Office Park B7, completed by Inter-Bud. Development activity remains subdued, with approximately 37,000 sqm under construction at end-H1 2026, a 45% decrease year on year. The vacancy rate rose to 19.0%, up 1.7 percentage points year on year, with a sharp divide between the city centre at 10.3% and non-central zones at 21.9%.
"The polarisation of Kraków's office market is becoming increasingly evident. Buildings located in the city centre, offering convenient access to a broad range of amenities and public transport, are proving significantly more attractive to occupiers than properties located outside the city's main business zones," said Elżbieta Golik, Associate Director, Office, AXI IMMO. Asking rents at the end of June 2026 ranged between €10.00 and €19.00 per sqm per month, with the highest levels recorded in central locations and selected non-central buildings distinguished by the quality of their offering.
"In the coming quarters, we expect occupier activity to increase gradually. At the same time, the trend towards space consolidation and the search for offices better suited to hybrid working models will continue, particularly in the highest-quality schemes," said Emilia Trofimiuk, Research Manager, AXI IMMO. The firm expects market polarisation to deepen further, with occupiers continuing to favour well-located offices and placing greater weight on the quality of the working environment and access to amenities.
