The development and investment group Crestyl today presented its new project in Prague's Pankrác. In the spirit of modern trends, the building, simply called BOKA Pankrác, is designed as a multi-purpose project that connects commercial premises and a supermarket with high-standard offices. BOKA Pankrác will replace two existing old buildings right next to the Kotorská tram stop between the Pankrác and Pražského povstání metro stations. Construction of the project should begin in the third quarter of this year, with completion scheduled for two years later. The total investment is CZK 1.5 billion.
The fourth quarter of 2024 was the second quarter in a row when no office project was started in Prague. It was also the period when only one project was completed, 100Yards in the city center. The vacancy rate remains very low, increasing by only approximately 0.2 percentage points year-on-year. The total volume of modern office space at the end of 2024 reached 3.96 million square meters, which is less than in Warsaw or Budapest. The highest achievable rent in the city center is currently EUR 29.50 per square meter per month. 2025 could bring slightly higher construction activity, thus moving the market again. This is according to a regular quarterly survey by Colliers.
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.
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.
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.
Penta Real Estate, in cooperation with Prague and the city districts, has announced an architectural competition to design the form of four blocks between the main road and the Florenc bus station. Architectural teams can apply until December 13, and the winning designs will be published next fall. Representatives of Prague and Penta announced this on Friday. The Penta investment group also owns land near the nearby Masaryk railway station, where it completed the Masaryčka administrative building, which was awarded by experts.
In the third quarter of 2024, approximately 188 million euros were invested across the main real estate sectors. Although this is one of the lowest volumes in recent years, a full 100% of buyers were from the Czech Republic. The total investment volume for the first three quarters of 2024 exceeded one billion euros. There were a total of 34 transactions. Approximately half of the properties with which transactions have been carried out so far in 2024 are located outside Prague. This is according to a regular quarterly survey published by Colliers, a leading provider of diversified professional services in the field of commercial real estate and investment management.
CBRE, the world leader in commercial real estate services, is celebrating 25 years on the domestic market. During the same period, the market underwent significant changes and matured into a stable investment environment that can withstand international competition and attracts domestic and foreign capital.
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