When you think of the development of Karlín, you probably think of the period at the turn of the millennium, when investors led by Serge Borenstein started to transform the gray inner periphery of the city into a new lively district. The development was also accelerated by the floods in 2002, which, although they were a disaster for many, meant new construction possibilities for Karlín.
V polovině června začala výstavba další části obrovského projektu Smíchov City, který staví developerská společnost Sekyra Group. Druhá fáze, nazvaná Smíchov City Jih, bude v mnoha ohledech výjimečná. Třeba výší investice, rozsahem výstavby, ale i tím, že v ní vznikne nové sídlo České spořitelny.
The market for modern office space in Prague at the end of the 1st quarter of 2024 amounted to approximately 3.91 million m2. The vacancy rate increased slightly to 7.5%, representing approximately 292,000 m2 of vacant office space available for immediate lease. After a long period of inactivity, new speculative construction is now slowly starting to thaw. And despite the long-term growth of rents, Prague remains an attractive and competitive location attracting new investors. This is according to the regular quarterly survey of the office real estate market published by Colliers, a leading provider of diversified professional services in the field of commercial real estate and investment management.
Regional cities in the Czech Republic are becoming an increasingly interesting alternative for investors looking for cheaper, yet high-quality office space outside of Prague. That's according to the latest survey by Colliers, a leading provider of diversified professional services in commercial real estate and investment management. According to him, net realized demand in Brno grew by 43% year-on-year, in Ostrava by 127%. At the same time, prices are kept at a level that is one third to one half lower than in Prague. Even more interest in regional cities could be aroused by a better offer of serviced offices, which are of particular interest to established companies on the market in connection with the development of hybrid work and the introduction of hub & spoke or flex & core models.
With the development of work trends and a flexible approach to the working environment, coworking spaces are increasingly gaining ground in the Czech Republic. Their area grows by an average of 10-15 thousand square meters per year. Coworking spaces represent roughly 3% of all office spaces in the metropolis. In terms of square meters, Prague does not compare to Western metropolises, but within Central and Eastern Europe, this is an average value.
The international law firm CMS and the European Investment Bank (EIB) have rented office space in the newly renovated Palác Dunaj building on Národní třída. The total occupancy has now reached almost 80%. Only one floor of offices and retail units on the ground floor of the building remain vacant, though negotiations with potential tenants are already underway here as well.
Colliers, a leading professional services company in the field of commercial real estate and investment management, has released its forecasts for the Central and Eastern Europe region for 2024. The GDP growth rate is expected to increase and therefore the activity in the commercial market. What are the other key points and trends from the Colliers predictions?
In the region of Central and Eastern Europe (CEE-6 countries), a significant increase in the GDP growth rate is expected this year, from less than 1% last year to approximately 2.5%. According to experts from the Colliers company, which belongs to the top in the provision of diversified professional services in the field of commercial real estate and investment management, activity will therefore begin to increase in the commercial real estate market in this region in the second half of the year. However, the condition for this development is a reduction in interest rates in the eurozone. At the same time, retail parks will continue to be the main engine of growth. Other trends and forecasts published by Colliers for the CEE region in 2024 will include:
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