Krakow – Poland’s second-largest city – is considered as an attractive place to do business. In the latest edition of an Antal and Cushman & Wakefield BEAS report, it saw its average score for all factors impacting corporate investment decisions rise since the 2021 survey by as much as 1.1 point to 7.6 out of 10. Its rating was boosted by its advanced network of research and scientific institutions, highly skilled graduates, well-developed infrastructure and its further improvements, as well as the second-largest office stock in Poland – after Warsaw.
Krakow’s investment potential continues to grow
Krakow is a highly rated European city. It has been ranked high in the prestigious list of top ten large European cities of the future by the fDi magazine for its business friendliness, rich human capital and high quality of living, which attracts investors from across the globe. The city is experiencing a steady growth in investment projects in the modern business services, financial and high-tech sectors, with a recently reported increase in R&D centres and start-ups. The Business Services Sector (BSS) in Krakow comprises more than 260 companies with a combined headcount of around 100,000; in addition, there are also more than 500 technology firms with nearly 50,000 IT professionals,”
says Jerzy Muzyk, Deputy Mayor of the City of Krakow.
Business services and IT professionals most sought after
Source: Antal and Cushman & Wakefield BEAS 2023 Report
With its stable labour market, Krakow is an attractive destination for overseas citizens looking for better career and development opportunities. It is one of Poland’s most prominent business and technology centres and attracts specialists from across the world who are welcome to join recruitment processes. Employee outsourcing is a very interesting solution that is frequently embraced by large corporates. For one of our Krakow-based clients we are hiring more than 250 staff and counting, which only indicates the actual demand in the IT market,”
explains Edyta Morek, Senior Consultant, Antal IT Services.
Office developer activity
2023’s leasing volume surpassed 200,000 sq m, the highest result for Poland’s regional markets, confirming that occupier activity in Krakow continues unabated. New leases accounted for 45% of all transactions, followed by renegotiations and expansions which made up 47% and 8% respectively. This shows that companies are in expansion mode and the office is for them a key factor facilitating the process. Occupiers’ interest is on modern and sustainable office buildings with a vast array of amenities, convenience retail and restaurants which are valued by employees and translate into rising office occupancy levels. This sends an important signal to office developers and landlords – ESG and on-site amenities are a matter of survival in the rapidly changing office market in Poland,”
comments Karolina Słysz, Associate, Office Department, Cushman & Wakefield.
City attracts students
Source: Antal and Cushman & Wakefield BEAS 2023 Report
Krakow’s universities follow the labour market and modern business trends, taking into account, among other things, the needs of the shared services sector, which is growing at pace here. They offer a range of specialisations promising broad career prospects in data analytics, IT, operations management, service outsourcing or artificial intelligence,”
says Edyta Markiewicz, RPO Service Manager Antal, SSC/BPO.
ABOUT BEAS
The “Business Environment Assessment Study” (BEAS) was carried out using the CAWI method on a sample of 1,290 corporate decision-makers in Poland between 31 July and 25 August 2023. This and previous reports are available at www.investmentpotential.pl, a new interactive website where you can compare key city indicators and download data of interest.
ABOUT ANTAL
Antal is a leading CEE provider of solutions in permanent recruitment, HR consulting, and outsourcing. Our success is underpinned by the high quality of services and people whose capital is the body of knowledge accumulated over our 26 years of business. We create methods and tools that exceed client expectations and market standards by leading the way in sustainable transformation in our industry. We provide a very broad range of support – from end-to-end permanent recruitment processes through to outsourcing, including RPO and contracting, Employer Branding, HR Consulting, and comprehensive market research and analysis.www.antal.pl
ABOUT CUSHMAN & WAKEFIELD
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information http://www.cushmanwakefield.com.