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.
Prague Research Forum announces Prague office market data for Q4 2024 and 2024:
· Quarter-on-quarter vacancy rate decline in Q4 was largest since 2018
· One office project completed
· Record annual realized demand of over six hundred thousand square meters
· Increase in prime rents in the city center and growth in rents across the city
· No new office construction started in the past six months
Prochazka & Partners, a leading commercial real estate consultancy, has taken care of another significant expansion of the largest Czech provider of private flexible offices and coworking, Scott.Weber Workspace, within the capital city of Prague.
The investment group Českomoravská Nemovitostní (ČMN), the third-largest office space landlord on the Czech market, together with the NEMO fund, has completed the acquisition of a portfolio from the NOVA Real Estate property fund valued at approximately 5 billion CZK. The transaction includes 5 office buildings with a total rentable area exceeding 37,000 m² and 11 retail parks covering an area of 72,000 m². With this acquisition, the ČMN group will expand its business into the retail segment.
The development group AFI Europe takes stock of the results of last year in the Czech Republic, during which it achieved significant successes in the field of rental housing and office real estate rental, and at the same time announces its plans for this year.
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.
CBRE, the world leader in the field of commercial real estate services, provides a summary of this year's developments on the domestic commercial real estate market and presents a current forecast for the year 2025. This indicates what the investment activity and development of key segments in the Czech Republic will be like in the coming year.
The investment group Českomoravská Nemovitostní (ČMN) confirms the continued high demand for quality office spaces in Prague. Red Bull has become a new tenant in the prestigious Churchill Square II office complex, managed by ČMN, further increasing the already high occupancy rate of the building. This transaction underscores the attractiveness of Prague 2 and the high demand for quality offices.
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