After years of depression, the domestic real estate market is starting to revive. In recent months, the Komerční banka building on Wenceslas Square, the Palác Pardubice shopping center have already been sold, and there is even a gem for sale in Na Příkopě Street: the Myslbek commercial and office building.
In three years, the surroundings of Smíchovský nádraží in Prague will change beyond recognition. Today, there is a huge construction site where construction is taking place in parallel under the direction of private and public investors. Their representatives officially presented the next stage of the Smíchov City project on Wednesday.
Construction activity is beginning to move to the desolate southern part of Prague's Smíchov. Developer Sekyra Group is launching the second stage of its extensive project for the new Smíchov City district here. Within a few years, three administrative buildings should be built here, including the new headquarters of Česká spořitelna and a hotel. The private project for a total of 35 billion crowns will be followed up by the city and the Railway Administration, which are working here to modernize the railway and build a new transport terminal. Public investments will reach another fifteen billion crowns.
The office market is slowly recovering from a deep depression. Managers are looking to more modern workplaces not only to meet future sustainability requirements, but also to entice employees from their homes back into the workplace. Škoda Auto recently moved to new offices, large media houses are changing their addresses, and Česká spořitelna, for example, is already looking at a modern building in Smíchov. Some authorities and public institutions are also looking for a new seat. However, many companies prefer the reconstruction of existing buildings.
Prague will buy the company VN 42, which owns an office building on the corner of Wenceslas Square and Štěpánská Street, from Komerční banka (KB) for approximately 3.5 billion crowns. The city councilors approved it. The municipality plans to move officials from the Škoda Palace in Jungmannova street to the building, where it is leased until the end of March 2028.
The rebranding and reconstruction of the building on Karlov náměstí concerns retail and office spaces and architectural modifications with the installation of a new logo and brand identity.
Despite the current weakening of the investment activity in the Central and Eastern European region (CEE) volumes of investment in commercial real estate in the Czech Republic in the first quarter of 2024 recorded a year -on -year increase of 36 %. In total, in this period, capital was invested in the volume of EUR 545 million, dominated mainly by local investors. The yields did not notice any significant movement compared to the previous quarter. According to Colliers' estimates, a leading provider of diversified professional services in the field of commercial real estate and investment administration, the total volume of transactions in 2024 should reach EUR 1.4 billion. This would mean the end of the three -year decline period and the hope that the Czech real estate investment market is reflected from the bottom.
The largest Czech biotechnology company Sotio has announced that it has passed another milestone in the search for drugs to fight malignant tumors. One of the preparations of the company, which belongs to the PPF financial group, has successfully passed initial tests and is entering the first phase of clinical testing on patients. This is already the third product that Sotio has in one of the phases of human testing. The company is primarily involved in the development of drugs against cancer.
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