Sustainability in the lead role

Of the completed projects in Prague, it is worth mentioning the Masaryčka of the Penta Real Estate company, which enriched the offer with 22,100 m2 of office space and several thousand m2 of commercial space. In addition, it aspires to the best certificate in the building sustainability rating system. “LEED Platinum is awarded to buildings that achieve high standards in energy efficiency, environmental consideration and human health. To obtain the certificate, it is necessary to meet a number of criteria in key areas, such as innovation and design, sustainable materials, minimization of energy and water consumption or the quality of the indoor environment. This is a certificate that only a minimum number of buildings receive. With the platinum rating thus received, Masaryčka surpassed its impressive and unique golden exterior," says Josef Stanko, a senior analyst at Colliers with an exaggeration, adding that the emphasis on sustainability on the part of investors is still increasing. For them, LEED certification at the Platinum or Gold level is a guarantee that their demands will be met. Two other completed projects are aiming for Gold certification, Nová Waltrovka in Prague 5 and Block Karlín, which is another addition to the modernization of Rohanské ostrov in Prague 8.

In 2025, not a single new m2

“It looks like we've just had a final quarter with higher new office completions up to 2026. Unfortunately, the negative trend of a more than 15-month hiatus in new office building starts is failing to break. Because of this, we expect vacancy rates to remain low and we do not expect large tenants to move. Because of this, there will also be limited space for reconstruction and modernization of buildings, which has so far managed to be implemented especially in the historic heart of Prague," Josef Stanko predicts the development, adding that the size of the areas under construction has decreased to only 85,800 m2, which are to be completed by next year . It could so easily happen that the year 2025 offers no new spaces.

Bureaucracy, lengthy zoning management, public resistance and fragmented self-government are holding the foot back on construction. The listed aspects will not be radically changed even by the newly amended construction law, despite the fact that these unfavorable factors could discourage investors, who might then prefer to implement their construction plans in other countries.

Vacancy will continue to decline

Thanks to the latest completed buildings, the Prague office market exceeded 3.9 million m2 and ended at 3.91 million m2 of office space, while the vacancy rate in Prague remains below ten percent, namely at 7.4%. Year-on-year, the occupied area increased by 120,000 m2, which in a way can be imagined as the entire new offer of the last 12 months, which the market was able to absorb.