About the Regional Research Forum
Members of the Regional Research Forum - CBRE, Colliers, Cushman & Wakefield, JLL, Knight Frank - strive to provide the most complete, accurate and transparent data on the development of regional office markets in the Czech Republic. Members share background information on market developments and believe that the Regional Research Forum will help improve the transparency of regional office markets.
In mid-December, a new tenant - Avatar VR Park - rented the premises of Prague's Brumlovka (BB Center) in Building G. It is the largest virtual reality park in the Czech Republic, which focuses on virtual and augmented reality. Visitors will find action, sports, balance and educational games here. The premises are also equipped with a VR café and are an ideal place for parties and new corporate events. The owner and administrator of the building is the Passerinvest Group.
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.
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.
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