2026-03-05-莱坊-Kraków_-_Real_Estate_Market_2026_11页_7mb

Summary of the Krakow Real Estate Market

Core Content

Krakow is a significant economic and cultural hub in Poland, characterized by a strong combination of tradition and modernity. It is recognized as a leading regional office market, a vibrant retail and hotel sector, and a rapidly growing PBSA (Private Purpose-Built Student Accommodation) market. The city also benefits from a robust educational infrastructure, a well-developed transport network, and a growing startup ecosystem.

Key Trends and Developments

Office Market

• Market Position: Krakow is the leading regional office market in Poland, with the largest office stock outside Warsaw, totaling 1.84 million sq m.
• Demand and Take-Up: In 2025, 269,500 sq m of office space was taken up, the highest in the market's history, with IT and business services dominating the leasing activity.
• Vacancy Rate: The overall vacancy rate stood at 18.4%, showing a gradual decline due to strong demand and limited new supply.
• Rental Rates: Class A office rents ranged from EUR 14.00 to 18.00/sq m/month, while Class B rents were lower, typically EUR 10.00 to 14.00/sq m/month.
• Green Certification: 85% of leased office space in 2025 was in buildings with green certifications, despite such assets making up only 69% of the total stock.
• New Supply: In 2025, only 12,000 sq m of new office space was delivered, the lowest in two decades, with limited development pipelines expected for 2026 and 2027.

Retail Market

• Market Size: Total retail stock in the Krakow metropolitan area was 658,000 sq m, ranking 6th in Poland.
• Vacancy Rate: The retail vacancy rate was 2.6%, one of the lowest in the country, with prime retail schemes near zero vacancy.
• Major Retail Schemes:
  • Bonarka City Center: 91,000 sq m, 225 shops, completed in 2009.
  • Galeria Bronowice: 60,000 sq m, 160 shops, completed in 2013.
  • Zakopianka Retail Park: 58,000 sq m, 110 shops, completed in 1998.
  • Galeria Krakowska: 54,000 sq m, 290 shops, completed in 2006.
  • M1 Krakow: 43,000 sq m, 150 shops, completed in 2001.
  • Galeria Kazimierz: 42,000 sq m, 150 shops, completed in 2005.
• New Supply: In 2025, two small retail schemes were completed: Designer Outlet Krakow (19,000 sq m) and Park Handlowy Jasnogórska (5,800 sq m).
• Rental Trends: Prime retail rents in leading shopping centers ranged from EUR 35 to 85/sq m/month, with differentiation based on brand, location, and leasing policies.

Warehouse Market

• Market Size: Total warehouse stock in Krakow reached 1.2 million sq m, accounting for 3.2% of Poland's total industrial supply.
• Vacancy Rate: The vacancy rate stood at 2.8%, significantly lower than the national average of 7.4%.
• New Supply: In 2025, 42,000 sq m of warehouse space was completed, a sharp decline from 2024, with only 8,000 sq m under construction at the end of the year.
• Key Developers: Panattoni Europe, 7R S.A., GLP Poland, and local investors like BIK are major players in the market.
• Location: Warehouse developments are concentrated near the airport and in surrounding municipalities such as Skawina, Modlniczka, and Wieliczka.
• Rental Rates: Asking rents for modern warehouse facilities in the city range from EUR 4.00 to 6.00/sq m/month, with service charges remaining stable.

Hotel Market

• Market Size: At the end of Q4 2025, Krakow hosted 196 hotels with 14,300 rooms, ranking second to Warsaw in total room supply.
• Occupancy Rate: Average occupancy reached 74.5%, approaching pre-pandemic levels of 2019.
• ADR and RevPAR: In 2025, Krakow recorded the highest ADR and RevPAR among major Polish hotel markets, with an 8% increase in RevPAR year-on-year.
• New Supply: Three new hotels were completed in 2025, adding over 280 rooms, including a new 5-star hotel.
• Upcoming Projects: The Nobu Hotel (100 rooms) and Le Méridien Royal (120 rooms) are set to open in the near future.
• International Visitors: 55% of overnight stays were from international tourists, supported by the city's 13.2m passenger airport traffic in 2025.

Living Sector (PBSA)

• Student Population: Krakow has 131,800 students, including 8,600 international students, making it the largest PBSA market in Poland.
• Accommodation Supply: Total dormitory beds available were 17,500, resulting in a provision rate of 13.3%, with a significant shortage of beds.
• PBSA Stock: 5,200 beds were available in private PBSA facilities, accounting for 28% of the national stock.
• New Supply Growth: In 2025, 1,500 new beds were added, with projects like StudentSpace and Zeitraum contributing to this growth.
• Occupancy Rate: PBSA occupancy exceeded 95%, indicating strong demand and limited supply.

Conclusion

Krakow's real estate market is diverse and dynamic, with strong fundamentals across all sectors. The city's office market is resilient and future-proof, its retail and hotel sectors are robust and growing, and its PBSA market is expanding rapidly due to high student demand. These trends highlight Krakow's position as a key economic and cultural center in Poland, with significant potential for further development and investment.