On one of the most lucrative plots in the Czech Republic, right next to Prague's Masaryk Railway Station, the cranes of the Penta Investments investment group are already tirelessly delivering material and the local construction site is living its own life. In front of passers-by, the skeleton of one of the most discussed buildings of decades is slowly moving towards the sky.
The unused land in the Garden City between Želivecká, Ostružinová, Šalviová streets and the noise barrier lining the South Junction will return to life after years.
According to Savills, total modern office space in Prague increased slightly in Q2 2021 to 3.73 million sqm. Although subdued and still challenged by uncertainty, Q2 2021 saw a recovery in new supply as 49,500 sqm was delivered to the market across four new projects. Even though a decline of 57% is still visible in y-o-y comparison, new office supply for the second quarter is 10% above the pre-pandemic quarterly average.
After several months of waiting, there is again interest in commercial real estate. Investors in the Czech Republic poured 678 million euros (17.5 billion crowns) into them during the first half of the year, ie a fifth more than in the same period last year. The market is spinning, albeit gradually.
CA Immo completes Mississippi House and Missouri Park office buildings in the River City Prague office campus in the area of Karlín
First tenants: ADASTRA, Allen & Overy and BATIST Medical Holding
All 5 buildings of the River City Prague campus are now complete with a lettable area totalling 84,000 sqm
The buildings are targeting highest sustainability standards (LEED platinum) as well as tenant health and wellbeing features (WELL Platinum and WELL Health&Safety rating)
UBM Development Czechia has successfully completed and approved the Astrid Offices office building in Holešovice, Prague. Companies that have chosen it as their headquarters will operate here from July. This includes UBM employees who move here from offices in Liben. Astrid Offices now leases more than 50% of its space.
Building B in Prague’s BB Centrum has acquired another tenant. This March, ABInBev, the largest brewer in the world, owning brands such as Stella Artois, Leffe and Corona, headquartered its global shared service centre here on an area of more than 7400 m2. The owner and manager of the building is the Passerinvest concern.
The year 2020 closed stores, drove people out of offices and significantly changed conditions in the real estate market. While until last spring, commercial property owners could choose who to rent space to and set prices, now the situation has changed.
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