Despite the fact that in 2021 and 2022 most employees planned to return to the office for 2-3 days a week, the actual occupancy of company offices is currently only around 35%. The most people visit the company office on Tuesday, the least on Friday, when the average occupancy is only 17%. The eight-hour stay at the workplace is now a thing of the past, employees most often spend 9-12 hours in the office in one day. This follows from a study prepared by the Colliers company in cooperation with the workplace occupancy analysis platform Basking.io.
Coworking and flexible offices are one of the few industries that have been significantly boosted by the coronavirus pandemic. Although HubHubu, the operator of two shared spaces in Prague, had its occupancy reduced to 50 percent during the strictest closures, this year it is reporting that it is practically occupied. One of the reasons is the hybrid work style, to which a significant part of companies have reoriented. Instead of startups, flexible offices are increasingly being rented by larger companies as well.
In the center of Ostrava, on Kostelní náměstí, the implementation of the first stage of the multifunctional building VÁCLAV has begun. The building will offer apartments, office space and commercial units on an area of 4,424 m2. The developer of the CZK 300 million project is the ANTRACIT group, the general contractor of the implemented stage is the Ostrava construction company HSF System.
The Prague office real estate market reached several records in the first nine months of 2022. It marked year-on-year records in the growth of new office space, record demand from tenants, and even much more office space was leased this year than a year earlier, according to JLL's regular quarterly analysis.
The ORGANICA administrative building will be one of the smartest office buildings in the Moravian-Silesian region after its completion next year. The digitization of individual services and communication tools will be handled by the Sharry software, which is also used by New York skyscrapers, among others. Sharry will connect a mobile application, smart parking and software for receptionists and visitors.
In the next 25 years, the Odien investment group plans to build a neighborhood with approximately 7,000 apartments for up to 11,000 people in the Avie area between Prague's Letňany and Čakovice. He estimates the construction costs at 70 billion crowns. Group CEO Michael Saran told reporters. The district is to be connected to the city center by a modernized railway and a new tram line. According to Saran, the company has already started decontamination of land after industrial production and is waiting for a change in the zoning plan. She would like to start construction in 2025.
The Czech real estate investment volume reached €1.15 billion in the first half of 2022. This was a 60% increase and was mainly led by domestic investors who acquired properties worth more than €607 million. Even the number of transactions in Q2 surpassed Q1 of this year. Domestic buyers were involved in 11 of the 13 transactions in Q2, so the share of the domestic capital increased in total volume to 68%, Savills reported.
The assets of the WOOD & Company Office Sub-Fund will now be supplemented with their tenth office building. The eight-storey modern building offers 7,500 sqm of leasable office space. Green Point is the third Prague office property held by the WOOD & Company Office Sub-Fund. Since its inception in 2017, it has delivered an average annual return of 11.65% to investors, making it one of the most successful real estate funds in the Czech Republic and Slovakia.
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