Similar to Prague, Brno also recorded only a slight year-on-year increase in the supply of modern office space in 2024, with the total market size increasing by only 8,600 square meters. The same was true in Ostrava, where the construction of modern office buildings has been subdued in recent years, with exceptions, and the average annual completed area over the past 5 years is 5,800 square meters. Despite the lower supply, both cities represent an attractive alternative for investors - rental prices are stable and lag behind the Prague market. In Brno, at the end of 2024, the rent for premium office space in a modern design was EUR 17 per square meter per month, while in Ostrava it ranged between EUR 14 and 14.50. Other regional cities, especially Plzeň, Hradec Králové and Olomouc, could attract investors' attention in the coming years thanks to new projects and improving transport infrastructure. This is according to the latest analysis of the regional office space market by Colliers.
The development and investment group Crestyl today presented its new project in Prague's Pankrác. In the spirit of modern trends, the building, simply called BOKA Pankrác, is designed as a multi-purpose project that connects commercial premises and a supermarket with high-standard offices. BOKA Pankrác will replace two existing old buildings right next to the Kotorská tram stop between the Pankrác and Pražského povstání metro stations. Construction of the project should begin in the third quarter of this year, with completion scheduled for two years later. The total investment is CZK 1.5 billion.
The fourth quarter of 2024 was the second quarter in a row when no office project was started in Prague. It was also the period when only one project was completed, 100Yards in the city center. The vacancy rate remains very low, increasing by only approximately 0.2 percentage points year-on-year. The total volume of modern office space at the end of 2024 reached 3.96 million square meters, which is less than in Warsaw or Budapest. The highest achievable rent in the city center is currently EUR 29.50 per square meter per month. 2025 could bring slightly higher construction activity, thus moving the market again. This is according to a regular quarterly survey by Colliers.
The new administrative building Roztyly Plaza, built by Passerinvest Group in Prague's Roztyly, was announced as the winner of the Best Office Development of the Year 2024 category of the prestigious CIJ Awards. It recognizes the most beneficial achievements and personalities of development.
WorkLounge is the second largest company in Prague that offers serviced offices and coworking centers with all services. Small and large teams and, of course, freelancers can find their place in them. There is a lot of interest in modern and top-notch equipped offices with full service, the sixth Prague branch is currently being opened.
In Prague, after years of preparations, whole new city districts are starting to emerge, famous squares are getting a new look, important railway stations are increasing their capacity, and a new bridge will soon span the Vltava River. If the political will is found, residents and visitors of the capital will be able to look forward to a brand new philharmonic or museum. See how Prague will change in the coming years.
The Victoria Palace was inaugurated on Vítězné náměstí in Prague. It has 92 luxury apartments and commercial spaces in the lower part. It is the first new building on the square in 87 years. The construction of the house with a distinctive facade cost approximately 850 million crowns. The architectural design of the building was developed by Jakub Cigler's studio. It had been planned for more than 15 years to build an opening on the northern corner of the square. The construction project on this land was bought by the Kaprain group in 2016, which in the same year also invited a partner, Pentu Real Estate.
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.
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