Only one office building was completed in Prague in the third quarter. Vacancy increased slightly year-on-year to 8.1% and rents in the city center reached approximately €29.00 per square meter per month. Efforts to modernize some older properties continue in the market, either while they are in operation or by temporarily withdrawing them from the market. It comes from research by Colliers, a leading provider of diversified professional services in commercial real estate and investment management.
In the third quarter of 2024, approximately 188 million euros were invested across the main real estate sectors. Although this is one of the lowest volumes in recent years, a full 100% of buyers were from the Czech Republic. The total investment volume for the first three quarters of 2024 exceeded one billion euros. There were a total of 34 transactions. Approximately half of the properties with which transactions have been carried out so far in 2024 are located outside Prague. This is according to a regular quarterly survey published by Colliers, a leading provider of diversified professional services in the field of commercial real estate and investment management.
A new survey by Colliers has shown that employees between the ages of 44 and 59 are under the most pressure in the workplace. Roughly half of them (44%) state that they cannot handle their agenda during standard working hours, i.e. within 40 hours a week. The results of the survey also show that more than half of all respondents would vote for a shortened working week. The young generation Z (people under 27) and the so-called Boomers (people 60+) gave this answer most often.
Regional cities in the Czech Republic are becoming an increasingly interesting alternative for investors looking for cheaper, yet high-quality office space outside of Prague. That's according to the latest survey by Colliers, a leading provider of diversified professional services in commercial real estate and investment management. According to him, net realized demand in Brno grew by 43% year-on-year, in Ostrava by 127%. At the same time, prices are kept at a level that is one third to one half lower than in Prague. Even more interest in regional cities could be aroused by a better offer of serviced offices, which are of particular interest to established companies on the market in connection with the development of hybrid work and the introduction of hub & spoke or flex & core models.
According to the latest Colliers International survey, there is a global increase in real estate investment, institutional investors are looking for opportunities to increase their real estate portfolios and new capital resources.
Office markets in Central and Eastern Europe continue to be supply-led through new development
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