In the region of Central and Eastern Europe (CEE-6 countries), a significant increase in the GDP growth rate is expected this year, from less than 1% last year to approximately 2.5%. According to experts from the Colliers company, which belongs to the top in the provision of diversified professional services in the field of commercial real estate and investment management, activity will therefore begin to increase in the commercial real estate market in this region in the second half of the year. However, the condition for this development is a reduction in interest rates in the eurozone. At the same time, retail parks will continue to be the main engine of growth. Other trends and forecasts published by Colliers for the CEE region in 2024 will include:
The company Penta Real Estate has chosen an architectural design, according to which it will rebuild the former post office in Prague's Hybernská street, which is part of the complex of buildings around the Masaryk railway station. The winner of the competition was the architect Jakub Klaška, who had already collaborated with Penta on the Masaryčka project.
Savills recorded 40 transactions closed in 2023 in the commercial real estate sector with a total investment volume of €1.2 billion. The volume of investments was 32% lower in 2023 compared to 2022. The driving force behind real estate investments in 2023 was the retail sector, which accounted for 43% of the total investment volume. Domestic investors are undoubtedly the backbone of the Czech investment market. Not only are they the most active and have concluded 29 transactions, but they also account for the largest (80%) share of investment volume this year. 31% of investment transactions in 2023 took place in Prague
Penta Real Estate has successfully sold the BASE coworking center in the heart of Prague to Scott.Weber, with BASE becoming the 13th star of Scott.Weber Workspace in the sky of flexible workspaces.
Passerinvest Group, a.s. (hereinafter referred to as Passerinvest), presented its ESG strategy and the specific goals it wants to achieve in the future. Passerinvest has long actively supported efforts to achieve the Sustainable Development goals adopted by all member states of the UN Council in 2015. Through a series of measures, it has specified a set of objectives in its ESG strategy for reducing its carbon footprint, energy consumption, amount of water consumed and non-recyclable waste produced, for developing above-standard partnerships within local communities, and for creating a welcoming environment for employees, tenants and neighbours.
Europe's commercial property market is showing signs of recovery, with rents expected to rise and yields to stabilize. The Czech Republic may follow this trend with a slight delay, but the positive outlook on the real estate market for 2024, as well as the increased demand for quality and sustainable premises, signal the time for action for investors and tenants.
There is a great demand for high-quality office space in Prague, thanks to which the owners of so-called A-class buildings in particular can be proud of almost full occupancy. The problem, however, is almost zero construction, experts agreed.
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