The unused land in the Garden City between Želivecká, Ostružinová, Šalviová streets and the noise barrier lining the South Junction will return to life after years.
The pandemic has changed the way we work and the way we spend our working hours. According to many companies and employees, the future of work is a hybrid model - part of the week we will work from home and part in offices. According to an Accenture study conducted in 11 countries around the world this year, 83 percent of respondents consider this way of working to be optimal. Maybe they should control their optimism. This model of operation is definitely not suitable for every company or employee and carries with it a number of risks.
The new Astrid Offices office building in Prague's Holešovice from UBM Development Czechia welcomes its tenants in August. The Czech branch of UBM is also moving here from its original headquarters in Voctářova Street in Libeň. The project currently rents all offices as well as retail space on the ground floor.
According to Savills, total modern office space in Prague increased slightly in Q2 2021 to 3.73 million sqm. Although subdued and still challenged by uncertainty, Q2 2021 saw a recovery in new supply as 49,500 sqm was delivered to the market across four new projects. Even though a decline of 57% is still visible in y-o-y comparison, new office supply for the second quarter is 10% above the pre-pandemic quarterly average.
The development company UBM Development Czechia published its results for the first half of this year. The company was successful in all real estate segments in which it currently operates on the Czech market: in the segment of housing, offices and hotels. UBM's strategy in the coming years is to focus mainly on residential construction, especially in Prague.
After several months of waiting, there is again interest in commercial real estate. Investors in the Czech Republic poured 678 million euros (17.5 billion crowns) into them during the first half of the year, ie a fifth more than in the same period last year. The market is spinning, albeit gradually.
from BNP Paribas Real Estate by the end of 2021, almost 40,000 m2 and in the following period over 140,000 m2 of new offices are being prepared by developers in the territory of Prague. The balance is mainly influenced by large and long-term development projects - Port 7 from Skanska in Holešovice or construction in the area of Masaryk's railway station by Penta. Sekyra Group also makes a significant contribution to the offer of new administrative areas with its Smíchov City and Rohanský ostrov projects. Their plans have not yet changed the rising prices of building materials and energy. Nevertheless, construction will reach pre-covid level at the earliest in 2023.
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