> **来源：[研报客](https://pc.yanbaoke.cn)** # Strong cities # City attractiveness, office market, HR trends Q4 2025 The office market sentiment, the investment potential of the city and the labour market. knightfrank.com.pl/en/research Krakow # Krakow City area 327 sq km Population 810 600 Population forecast 1.5m Unemployment rate 2.5% (11.2025, GUS) GDP growth 14.5% GDP per capita PLN 130,184 Average salary (gross) PLN 11.125,97 (in the business sector, 11.2025, GUS) # Investment attractiveness Rankings ST PLA 1 1111 in the business friendliness category of the fDi's European Cities and Regions of the Future 2025 ranking (among large cities) 4ST PL PLACE 111111 in the human capital and lifestyle category of the fDi's European Cities and Regions of the Future 2025 ranking (among large cities) RD PL PLACE overall in the fDi's European Cities and Regions of the Future 2025 ranking (among large cities) C PL 1 111 in the economic potential category of the fDi's European Cities and Regions of the Future 2025 ranking (among large cities) CO POST POSITION 111 in the TOP 100 Super Cities list in the Tholons Global Innovation Index 2021 # The title of Award in „Municipality for 5!" and the title of „Golden Municipality for 5!“ in the 2023/24 edition of the ranking prepared by the Student Scientific Association of Acceleration, on behalf of the Institute of Entrepreneurship at the Warsaw School of Economics # Investment incentives Government Investment Support Program grants Polish Investment Zone – tax relief for the implementation of new investments (from $40\%$ to $70\%$ of the investment value) Real estate tax exemption Assistance under the EU Funds Available tax incentives include: R&D tax relief, IP BOX, robotization tax relief, expansion tax relief and relief for innovative employees Support for business environment institutions - incl. Business in Małopolska Centre 1 The Krakow Old Town and Wawel Hill on the UNESCO World Heritage List 1 European Capital of Culture 2000 1 UNESCO City of Literature 1 IFEA World Festival & Event City # Quality of life in numbers # CULTURE AND ENTERTAINMENT 400 cultural events annually - Over 100 festivals and artistic-entertainment events annually (including the Jewish Culture Festival, Dragon Parade, Film Music Festival) - More than 1000 monuments Over 100 museums and art galleries 16 theaters 12cinemas Over 200 restaurants (23 restaurants featured in the Michelin Guide 2025, including 2-star Bottigleria 1881) - 15 regional products protected by EU regulations (including obwarzanek, oscypek, Krakow-style zurek, carp from Zator) # TRANSPORT - 27 tram lines and 173 bus lines 4 Fast Commuter Rail lines - 317 km of bicycle paths - 11m passengers handled in one year by Krakow-Balice Airport # INFRASTRUCTURE - ${1.83}\mathrm{\;m}\mathrm{\;{sq}}\mathrm{\;m}$ of modern office space - 190 hotels with 23,000 rooms (including 16 five-star hotels) - Modern congress and entertainment infrastructure (including ICE Krakow Congress Centre with 5,200 seats, TAURON Arena Krakow - 24,000 seats) # NATURAL ENVIRONMENT - 75 parks, 43 pocket parks 21 community gardens 30 hectares of flower meadows 1,590 hectares of forests - $80\%$ of the city's residents have 5-minute access to green spaces Bike paths 317 km Green areas 50.4% of the cities area # Facts & Figures Number of students 131,800 (2024/2025, GUS) Number of graduates 32,000 (2024/2025, GUS) Number of universities 17 Airport - distance to the city centre 11km Airport - number of passengers 13.2m (2025) BSS sector -number of centres 312 (ABSL 2025) BSS sector -number of employed 107,800 (ABSL 2025) RATING AGENCY S&P RATING A-(stable) # Krakow Q1-Q4 2025 Existing stock 1.84m sq m Supply under construction 59,000 sq m Vacancy rate 18.4% New supply 12,000 sq m Take-up 270,000 sq m # Coworking operators in Krakow At Office | Business Link | Chilliflex | CitySpace | Regus | Loftmill | Cluster Offices | The Shire # Standard lease terms in new buildings Service charge PLN/sq m/month 16.00-29.00 Rent-free period 1-1.75 month for each contract year Fit-out budget EUR/sq m 380.00-500.00 Krakow remains the largest regional office market in Poland, with a total stock of $1.84\mathrm{m}$ sq m, representing over $14\%$ of the country's overall office supply. The city enjoys strong tenant interest with nearly 270,000 sq m leased in 2025, marking the highest result in the market history. High demand and limited new supply have contributed to a decrease in the vacancy rate. # SUPPLY Total office space in Krakow reached $1.84\mathrm{m}$ sq m, maintaining the city's leading position among Poland's regional markets. In 2025 nearly 12,000 sq m of modern office space was delivered to the market, the lowest level in over two decades. Completed buildings are Stella Office and Kamienica Krakow. Currently 59,000 sq m of office space is under construction and will be gradually delivered in the coming years. The largest scheme under construction is Tischnera Green Park, with an office area of 24,000 sq m, developed by Stalprodukt, scheduled for completion at the end of 2027. # TAKE-UP Krakow maintains its position as the most attractive regional market in Poland. In 2025 leasing volume reached nearly $270,000~\mathrm{sq~m}$ , the highest level in market history and the largest among regional cities, accounting for $35\%$ of the total leasing volume across all regional cities. In Q4 alone, nearly $66,000~\mathrm{sq~m}$ was leased. The share of renegotiations on the Krakow office market continues the upward trend observed in recent years. This is confirmed by the structure of the largest agreements signed during the analysed period, where 17 out of the 20 largest transactions concerned renewals of existing contracts. By the end of 2025 renegotiations accounted for $63\%$ of transaction volume, new leases accounted for $31\%$ , and expansions accounted for only $6\%$ . At the same time tenants increasingly prefer environmentally friendly and sustainable buildings. By the end of 2025, $85\%$ of total leasing volume was concentrated in buildings with green certifications, with $45\%$ of that space located in properties holding the highest ratings, such as BREEAM Excellent and Outstanding, and LEED Platinum. # VACANCY RATE The vacancy rate in Krakow continued its downward trend and reached $18.4\%$ at the end of Q4 2025. This represents a decrease of 0.2 pp compared to the previous quarter and 0.6 pp year-on-year. Given the strong demand and the relatively low amount of space under construction with a completion date in 2026, we expect the vacancy rate to continue to decline in the coming quarters. # RENTS At the end of 2025 asking rents in modern office buildings in Krakow remained stable and typically ranged from EUR 10.00 to $18.00 / \mathrm{sq~m / month}$ , with the most prestigious properties exceeding the upper limit of this range. Service charges also remained stable and ranged from PLN 16.00 to $29.00 / \mathrm{sq~m / month}$ depending on building standard and the range of services offered. # Office market in Poland Annual new supply, take-up and vacancy rate in Krakow Take-up structure in Krakow # Michael Page "Salary Guide 2026": Poland's Energy Labour Market Accelerates as Renewables and Offshore Drive Demand for Specialists Energetic transformation is clearly reshaping the landscape of the labour market in Poland. According to the "Salary Guide 2026" published by recruitment firm Michael Page, salary growth in the energy sector is stabilising; however, demand for highly qualified professionals, particularly in renewables, energy storage, and offshore projects, remains exceptionally strong. It continues to be a candidate-driven market, but primarily for individuals with unique technical expertise and proven project experience. The fast-paced development of the energy sector, especially renewable energy sources, is pushing employers to seek candidates with increasingly broad and specialised skill sets. Engineers are in the highest demand, including installation designers, grid connection specialists, automation engineers, and SCADA experts, whose salaries in Warsaw typically range from approximately PLN 14,000-15,000 gross to PLN 19,000-21,000 for senior roles. According to Michael Page's "Salary Guide 2026", grid managers are also highly valued. Due to their critical role in connection processes, they can expect salaries exceeding PLN 20,000, with top-tier compensation reaching PLN 35,000. Developer and project-focused roles are also gaining importance. Land acquisition managers responsible for securing land for renewable investments earn, on average, around PLN 16,000, with experienced specialists reaching PLN 18,000. Wind project developers and renewable energy project managers earn between PLN 19,000 and 25,000, while offshore project roles command significantly higher rates, averaging PLN 31,000, with upper ranges reaching PLN 34,000. Analytical competencies are also becoming increasingly valuable: energy market analysis managers and energy data experts earn between PLN 18,000 and 20,000, supporting companies in forecasting and optimising energy production and demand. # SALARY STABILISATION, BUT TOP SPECIALISTS STILL SET THE TERMS Michael Page's "Salary Guide 2026" indicates clear stabilisation in remuneration across the renewable energy sector. "A few years ago, the market experienced rapid salary increases, and virtually every specialist could expect significant raises. Today, pay levels are levelling out, and companies increasingly prioritise experience and concrete technical competencies rather than potential alone," notes Antoni Komsta, Principal Consultant at Michael Page. Job opportunities remain plentiful, but they are primarily targeted at candidates with experience in both project development and execution. Recruiting offshore wind experts remains particularly challenging, as the pool of professionals with relevant experience is still very limited. "Companies developing offshore projects often lack the time for long onboarding processes and need candidates ready to step into projects immediately. As a result, they are willing to pay a premium for experienced experts. We observed the same dynamic earlier in the photovoltaic sector, where specialists were initially scarce, and the market rewarded them very generously," adds Antoni Komsta. # SOFT SKILLS AND BENEFITS GAIN IMPORTANCE AS SALARY GROWTH SLOWS With salary levels already high, employers increasingly compete for talent not only through pay but also through comprehensive benefits packages. Candidates place strong emphasis on flexible work models, work-life balance, and additional perks. In response, companies are offering subsidies for eco-friendly transport, support for installing home renewable systems, and extensive development programmes. # EDUCATION LAGGING BEHIND THE ENERGY TRANSITION Michael Page experts highlight that one of the sector's key challenges is the skills gap resulting from an education system that has not kept pace with the energy transition. "Polish education and the labour market are not keeping up with the rapid development of renewable energy, particularly offshore. Outside the Tri-City and Szczecin, it is difficult to find universities that genuinely prepare students for work in this sector. Technical universities are only beginning to adapt their programmes to the energy transition, and many curricula still rely on outdated technologies," says Antoni Komsta. EU climate regulations are accelerating the energy transition, creating new investment opportunities and generating additional jobs. At the same time, the shortage of specialists means that some projects are being executed with the support of foreign companies. "The energy transition can therefore be both an opportunity and a risk. Those who remain open to development and acquiring new competencies will benefit. For candidates who remain stuck in old patterns and resist learning, the transition may pose a risk to their position in the labour market," Komsta emphasises. # A CANDIDATE-DRIVEN MARKET - BUT NOT FOR EVERYONE The energy sector remains a candidate-driven market, particularly for individuals with unique technical skills and project experience. For candidates with shorter experience, competition is intensifying, and recruitment processes are becoming more selective. For highly specialised roles, such as substation engineers or power engineering experts, recruitment can take several months and typically concludes with a shortlist of carefully matched candidates. # Contacts in Poland +48225965050 www.KnightFrank.com.pl CEO Charles Taylor charles.taylor@pl.knightfrank.com RESEARCH Dorota Lachowska dorota.lachowska@pl.knightfrank.com COMMERCIAL AGENCY - KATOWICE Iwona Kalaga iwona kalaga@pl.knightfrank.com CAPITAL MARKETS Krzysztof Cipiur krzysztof.cipiur@pl.knightfrank.com VALUATION & ADVISORY Małgorzata Krzystek malgorzata.krzystek@pl.knightfrank.com STRATEGIC CONSULTING EMEA Marta Sobieszczak marta.sobieszczak@pl.knightfrank.com INDUSTRIAL AGENCY Przemysław Pietak przemyslaw.pietak@pl.knightfrank.com As one of the largest and most experienced research teams operating across Polish commercial real estate markets, Knight Frank Poland provides strategic advice, forecasting and consultancy services to a wide range of commercial clients including developers, investment funds, financial and corporate institutions as well as private individuals. We offer: $\triangleright$ strategic consulting, independent forecasts and analysis adapted to clients' specific requirements, $\triangleright$ market reports and analysis available to the public, tailored presentations and market reports for clients. Reports are produced on a quarterly basis and cover all sectors of commercial market (office, retail, industrial, hotel) in major Polish cities and regions (Warsaw, Krakow, Łódź, Poznan, Silesia, Tricity, Wroclaw, Lublin, Szczecin) and PRS sector in Poland. Long-term presence in major local markets has allowed our research team to build in-depth expertise of socio-economic factors affecting real estate market in Poland. Report library: # © KNIGHT FRANK SP. z o.o. 2026 This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank to the form and content within which it appears. Substantive preparation: Michal Kusy / Research / Knight Frank Graphic design: Karolina Chodak-Brzozowska / Art Director / PR & Marketing / Knight Frank PARTNER OF THE PUBLICATION: CONTACT TO BUSINESS IN MAŁOPOLSKA CENTRE: contact@businessinmalopolska.pl www.businessinmalopolska.pl The Business in Małopolska Center is a joint initiative of the Małopolska Region, Małopolska Regional Development Agency and the Krakow Technology Park, which offers an integrated system of servicing investors and exporters, it also provides ongoing information services to entrepreneurs about external sources of financing of investment and export activities. # MichaelPage CONTACT: Antoni Komsta Principal Consultant, Engineering antonikomsta@michaelpage.pl +48667995399 www.michaelpage.pl