Equal equals million
Office & mixed-use developmentAccording to analysts it resulted from the recent completion of building B with an area of 19,000 sqm which is part of the Equal Business Park complex. The construction of the third stage of the complex started in June and it is planned to have an office area of 23,000 sqm. The property is owned by Cavatina and Knight Frank is responsible for the commercialization as the exclusive agent of the project. “With such office supply Kraków continues to be the largest regional market in the country,” says Monika Sułdecka-Karaś, regional director and partner at Knight Frank. “The growing supply of modern space is a response to record demand for offices in the capital of Lesser Poland. Companies see the potential of Kraków and they want to operate their businesses here. Let me remind you that an area of nearly 100,000 sqm was leased in Kraków over the first six months of the year, which included our considerable involvement as an agent. The attractiveness of Kraków is confirmed by its 8th position in this year’s ranking Tholons Top 100 Outsourcing Destinations, which includes most business-friendly locations from all over the world,” adds Monika Sułdecka-Karaś.
According to Knight Frank’s estimates, the total office supply at the Wawel Castle could exceed 1.1 mln sqm at the end of this year. Nearly 30 projects with a combined area of over 270,000 sqm are currently under construction. Knight Frank analysts report that the record increase of the supply in Kraków is a response to the high demand for office space. Over the first six months of 2017 lease contracts concerning 98,000 sqm of office space were singed, which constituted over 70 pct of the annual average demand recorded in the years 2012-2016 and it was 11 pct higher result compared to the record result from the corresponding period last year,” reports Knight Frank experts and they go on to add that at the end of June 2017 the starting rents in A class buildings range from EUR 13.5 to EUR 14.5 per sqm per months and in B class buildings they amounted to EUR 10-12 per sqm per month.
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