Dutch studios Benthem Crouwel Architekten and West 8 have won the competition to design a new central railway station for Brno, in what was the largest architectural competition in the history of the Czech Republic
Gross take-up on the Prague office market in Q2 2021 amounted to 89,300 sqm, representing a 5% decrease on the previous quarter but a 10% increase in a year-on-year comparison. The Prague Research Forum has published the office market figures for the past quarter.
According to the international real estate consulting company Savills, companies looking for first-class office space on the European market will face a high degree of competition, despite the fact that the construction of new office space is the most active in the last five years. According to Savills' European Office Development report, the new office space to be completed in the region this year will provide 26% more space than in 2020.
The coronavirus pandemic significantly affected office work. According to the Prague Research Forum, the share of vacant office space in the total supply in Prague increased from 6.98% at the end of 2020 to 7.6% in Q1 2021. The vacancy rate increased by 220 basis points year-on-year and reached the highest value since 2 quarter of 2017. However, not all office centers have struggled with the outflow of demand in recent months. At the time of the coronary crisis, both the landlords' approach to their tenants, who eventually got into trouble, and the famous ratio between quality and price played a key role. And in these respects, Class B offices often came out victorious. For example, Nagano Park, an administrative complex in Prague 3 - Třebešín, under the management of Geosan Development, recorded an increase in occupancy from 89.95% in February 2020 to the current 93.94%. New tenants include, for example, the state-subsidized organization Service Facilities for the Ministry of the Interior or Advande Labs.
The Polish company Business Link, which deals with the rental of jobs in shared premises, has sold its Holešovice office building to Scott.Weber and is thus ending up in the Czech Republic. The price of the transaction was not disclosed by either party. Hospodářské noviny informed about it.
The Penta group closed the pandemic year of 2020 with a net profit of 134 million euros, while total assets of the portfolio companies reached 11.1 billion euros. Despite the pandemic, Penta invested 419 million euros in Capex for the development of its companies and projects. The group employs more than 43,000 people and has paid a total of 243 million euros in income tax and other social contributions.
A total investment volume of €290 million was transacted in the Czech Republic during the first quarter of 2021, according to Savills latest research. Without the exceptional €1.3 billion Residomo portfolio sale transaction, the investment volume was only down by 8% y-o-y.
The Crestyl Group is completing its DOCK district, growing around two blind branches of the Vltava in Liben, Prague. The last building is currently under construction - the DOCK IN FIVE office. Work is also finishing on the hectare park directly in the area, which will be completed and opened during the spring months. The residential buildings are all completed and the apartments are sold out. Similarly, all completed office buildings are fully occupied by tenants except for the last few meters. Completion of the last DOCK IN FIVE office building is scheduled for the second half of 2022. It will offer approximately 21.5 thousand m2 of office space and retail space.
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