Development and investment group Crestyl appointed Andrej Zveržhanovský as its CFO for the Czech Republic in February. In this key position, he became part of Crestyl's management, where he will be responsible for the financial management of the company's Czech activities. This was previously the responsibility of the CFO (Chief Financial Officer) of the entire Crestyl group, Jozef Ďurík, who will be freed up by Andrej's appointment and can thus focus more on the group's international financial development.
The development and investment group Crestyl today presented its new project in Prague's Pankrác. In the spirit of modern trends, the building, simply called BOKA Pankrác, is designed as a multi-purpose project that connects commercial premises and a supermarket with high-standard offices. BOKA Pankrác will replace two existing old buildings right next to the Kotorská tram stop between the Pankrác and Pražského povstání metro stations. Construction of the project should begin in the third quarter of this year, with completion scheduled for two years later. The total investment is CZK 1.5 billion.
The fourth quarter of 2024 was the second quarter in a row when no office project was started in Prague. It was also the period when only one project was completed, 100Yards in the city center. The vacancy rate remains very low, increasing by only approximately 0.2 percentage points year-on-year. The total volume of modern office space at the end of 2024 reached 3.96 million square meters, which is less than in Warsaw or Budapest. The highest achievable rent in the city center is currently EUR 29.50 per square meter per month. 2025 could bring slightly higher construction activity, thus moving the market again. This is according to a regular quarterly survey by Colliers.
The construction industry has become increasingly digital in recent years, bringing new opportunities for more efficient project management and increased productivity. However, this progress comes hand in hand with cybersecurity challenges, as sensitive information such as contracts, financial data or project proposals face the risk of attacks. However, experts at PlanRadar, a leading platform for digital documentation, communication and reporting during construction and property management, point out that there are effective tools and strategies to minimize these risks and ensure data protection.
This year, PSN will begin the transformation of the Brno Jedna brownfield site on Plynárenská Street. Over the next few years, it will be transformed into a modern urban district combining housing, work and leisure activities. The first stage of the new construction in the Brno Jedna project is a multifunctional building with two dominants, Neon and Xenon, with 188 residential and accommodation units and five commercial spaces. It was designed by the A8000 architectural studio. The building also includes common facilities such as bicycle sheds and laundries, and community spaces in the form of roof terraces. The developer plans to start construction in the third quarter of this year and expects the completion of this first stage in the fourth quarter of 2027.
The Czech office space market is facing historically low supply, especially in premium locations where new office construction has slowed significantly. One solution to this situation is flexible coworking spaces that offer efficient and modern working environments. Developer CTP, a leader in sustainable industrial and office parks, is responding to these needs through its network of Clubco coworking centers. Since its inception in 2021, Clubco has grown to almost 7,000 m² and plans a further expansion of more than 4,000 m² in 2025, including its first entry into the Slovak market.
Dunaj Palace on Prague's Národní třída has won another prestigious award, winning the "Best Office Project" category at the prestigious ThePrime Awards competition. The striking building, located within the Prague UNESCO World Heritage Site, underwent a renovation led by Zeitgeist Asset Management. The award underscores the successful combination of the palace's original constructivist architecture with the latest technologies and high standards of contemporary office space.
Cities with a high proportion of modern, green-certified office properties are more attractive to investors and attract premium rents. The growing focus of companies on sustainability and ESG is thus shaping the office market to a large extent. The highest number of certified buildings can be found in Warsaw and Bucharest, while the lowest number are in Tirana, Sofia and Athens. Prague is the most active in modernisation efforts. Modernisation of older buildings offers opportunities to reduce emissions and increase rents. This is according to Colliers’ report “CEE Office Markets on the Green Path – Decarbonisation Potential”, which examines office markets in 11 cities in Central and Eastern Europe1.
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