According to the latest Savills report, the last quarter of 2021 was the busiest quarter of commercial real estate investment in the Czech Republic. 30 transactions with a total volume of more than EUR 628 million were closed. This was the highest quarterly real estate investment since the first quarter of 2020, and an improvement of 23% over the fourth quarter of 2020.
The Austrian company Immofinanz sold the Prague Airport Business Center to the investment fund Jet Industrial Lease (JET) of the Brno billionaire Igor Fait. This is according to today's press release of the law firm bpv Braun Partners, which advised on the sale, and the press release of Jet Investment. The parties did not disclose the value of the transaction. Billionaire Radovan Vítek is interested in taking over Immofinanz.
An analysis by CBRE, a world leader in commercial real estate services, shows that despite the ongoing covidu-19 pandemic, new brands are still coming to the domestic retail market, in unprecedented numbers. There were 29 of them last year, which represents a year-on-year increase of 26%. This result is even significantly better compared to the ancestor year 2019. The main event last year was the Prague premiere of the Irish clothing and accessories store Primark on Wenceslas Square, and from the perspective of the High Street the opening of the Versace Italian luxury fashion boutique in Pařížská Street. With regard to the emerging trends, the opening of the so-called phygital store (from the English words physical and digital) of the partner companies eobuv.cz and Modivo in Smíchov, Prague, can also be considered a turning point. The new store, offering a wide range of products in the field of fashion, footwear and accessories, uniquely combines the advantages of the stone shop with the comfort of e-shops and is a harbinger of shopping in the near future.
Despite the negative impact of the covid-19 pandemic on economic activity, the European commercial real estate market is on the verge of recovery. According to the analysis "EMEA Real Estate Market Outlook 2022" by CBRE, the expected volume of investments will return to pre-pandemic values by the end of 2022. This will also be reflected in the commercial real estate market in the Czech Republic.
Demand for commercial real estate in the country is still strong. The Czech market is established as highly sought after and provides investors with stable returns. It is well resistant to asset value fluctuations and supported by strong foreign and domestic capital.
The increase in new office space is the lowest in five years this year and the situation will be similar next year. The winner is a hybrid model combining work in the office and from home.
UBM Development Czechia, which completed and approved the Astrid Offices office building in Prague's Holešovice in May, sold it to the PORTIVA investment group. Both parties have decided not to disclose the amount of the transaction. The property, which has 4,300 m2 of office space and 440 m2 of retail space on the ground floor, is now fully leased. Since December, it has also become the headquarters of UBM Development Czechia, which has moved here from its offices in Liben.
CAPEXUS is one of the leading Czech companies engaged in the design, planning and implementation of modern and energy-efficient office space, as well as the revitalization of older buildings with commercial use. In connection with the pressure on decarbonisation and energy-efficient operation of commercial buildings, a high demand for modern and functional revitalizations is expected on the real estate market. Cooperation with CAPEXUS will make it possible to reach new customers on the real estate market, especially investors in office space and tenants themselves. The merger of the two companies has already been approved by the Office for the Protection of Competition.
The long-awaited HolKa footbridge construction project will make it easier for pedestrians and cyclists to move between the two dynamically developing districts of Prague. At the same time, it activates the creation of follow-up projects of the capital and private investor CA Immo, which will contribute to the attractiveness of the Vltava embankment in the area of Rohan Island.
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