Changes in the real estate office market in the face of the Fourth Industrial Revolution: A case study of Krakow

Abstract

Objective: This article examines the impact of the Fourth Industrial Revolution on the office real estate market, focusing on Kraków, Poland. 
Material and methods: The study employs in-depth interviews, targeting two experienced office managers specialising in lease management in Kraków, the largest regional office market in Poland. While qualitative research is inherently non-representative, this approach was chosen to gain a deeper understanding of the context of the studied phenomena.
Findings: The study reveals that technological advancements significantly influence market dynamics. Office buildings equipped with the latest technologies are more likely to achieve quick commercialisation. In the context of remote work, tenants demand highly optimised and eco-friendly office solutions to attract and retain employees.
Research limitations: The study's focus on Kraków presents a limitation, as market conditions may vary in other regions. Additionally, the research is constrained by the availability of data and the uneven distribution of market knowledge. 
Research implications: The findings highlight the necessity for continuous technological adaptation in the office real estate market. Further research involving diverse market participants from various locations would enhance understanding. This study emphasises the profound effects of the Fourth Industrial Revolution on shaping tenant expectations and office market trends.