With the development of work trends and a flexible approach to the working environment, coworking spaces are increasingly gaining ground in the Czech Republic. Their area grows by an average of 10-15 thousand square meters per year. Coworking spaces represent roughly 3% of all office spaces in the metropolis. In terms of square meters, Prague does not compare to Western metropolises, but within Central and Eastern Europe, this is an average value.
Last year it became clear that Prague is not only a dynamic European city, but also the second most active market for flexible offices after London. Metropolises such as Warsaw, Amsterdam and Madrid followed at a distance. This success only confirms the growing attractiveness of flexible offices in the region. Moreover, according to the real estate consulting company CBRE, the world leader in the field of commercial real estate services, the positive trend will continue this year as well.
Coworking and flexible offices are one of the few industries that have been significantly boosted by the coronavirus pandemic. Although HubHubu, the operator of two shared spaces in Prague, had its occupancy reduced to 50 percent during the strictest closures, this year it is reporting that it is practically occupied. One of the reasons is the hybrid work style, to which a significant part of companies have reoriented. Instead of startups, flexible offices are increasingly being rented by larger companies as well.
After three quarters this year, the Prague office market already exceeded the volume of transactions from the covid years 2020 and 2021. The year-on-year increase in gross and net realized demand, i.e. new contracts and their extensions, amounted to 38 percent. Office vacancy has fallen by 0.3 percentage points since the start of the year to 8.1 percent, and demand for flexible space is growing. Prices will increase in the coming year, which, according to representatives of construction and real estate companies, will be reflected in inflationary clauses in contracts and energy prices.
Desks are declining in offices, and informal seating is increasing. However, with the reduction of working seats, the demands on space are growing. Working spaces are being vacated and have a larger work area due to safety clearances. This follows from a survey of member companies of the Czech Council for Green Buildings, which specialize in office real estate rentals.
Prague 13 has signed a memorandum with the development company Trigema about the planned construction of the Top Tower at the Nové Butovice metro station, which is to become the tallest building in the Czech Republic.
Extraordinary growth in the flexible office space industry awaits Europe and the Czech capital. In the next five years, the alternative to ordinary offices will grow significantly.
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