CPI Property Group, the largest property owner in Berlin, Prague, Warsaw and the region of Central and Eastern Europe, is pleased to announce its unaudited financial results for the third quarter of 2020.
The more than a billion-dollar reconstruction of the functionalist building known as the Palace of Electrical Enterprises is almost complete. The unique building in Prague's Holešovice, which was originally completed in 1937, was successfully approved. Marketing, advertising and PR agencies, which are part of the multinational company WPP, will soon move into the renovated office space. The company, which will occupy almost 2/3 of the building, is now starting to prepare and implement its future offices. The Bubenská 1 project is one of the largest and most technically demanding reconstructions of a listed building in Prague.
The Flow Building, a multi-purpose project of Flow East on Prague's Wenceslas Square, is the first building in the Czech Republic to achieve the highest possible "Outstanding" rating according to the current BREEAM certification scheme.
The COVID-19 pandemic spurred the involuntary evacuation of offices and led companies and employees to experiment with full-time work from home. Some prognosticators are now declaring that demand for offices will decline over the long term. But are such forecasts realistic?
The Prague Research Forum reports that a total of 21,200 m2 of office space was completed in Prague during the third quarter of 2020, bringing the total volume of modern offices to 3.73 million m2. The newly completed premises include three newly built buildings - AFI City 1 in Prague 9 with 15,900 m2, the Office Building of Czech Ports in Prague 7 with 2,800 m2 and Poděbradská Centrum in Prague 9 with 2,400 m2.
According to the latest Flex Forward report from global real estate consultant Colliers International, European markets with a low level of existing flexible workspace saw the largest increase in new flexible operations in the first half of 2020.
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