- After fifteen years, the Crestyl Group has completed its extensive DOCK district, which grew up around two blind branches of the Vltava in Liben, Prague. The capital thus gained a new revitalized location, which completed the face of the metropolis. In May, the very last building was approved - the DOCK IN FIVE offices. A year ago, a one-hectare park opened right on the premises, residential buildings were completed and apartments were sold out a year earlier. In the just completed last office building, 70% of the space is currently leased, all other office buildings are fully occupied by tenants. The entire DOCK project includes a total of 120,000 m2 of commercial and residential space. In addition to apartments, offices and the park, the campus also includes restaurants, cafes, shops and services or a yacht club with a marina.
The construction of the new Roztyly Plaza office building was symbolically started today with a ceremonial tapping of the foundation stone. Work is currently underway on the construction of underground floors with a capacity of 330 parking spaces for tenants and another 100 spaces for P + R car parks. The seven-storey building will offer for rent an office with a total area of 21,700 m2 and business units on the ground floor, which will be occupied by a canteen and there is also a grocery store or drugstore. The construction also includes the modification of the immediate surroundings - the bus terminal will be modernized, the ground floor will be modified and the asphalt will be replaced by a Prague mosaic enabling water seepage.
INVESTMENT MARKET: 1ST QUARTER 2022
• In the first quarter of 2022, the volume of investments in the Czech Republic
Republic worth € 898 million, which represented
year-on-year increase of 210%. No transaction Residomo, which
was concluded in the 1st quarter of 2020, the volume of investment would be
in the 1st quarter of this year, the highest since the 1st quarter of 2019.
• Although the number of transactions concluded during the 1st quarter
significantly decreased, the average transaction size compared to
average of more than doubled in the previous 12 quarters.
• The office sector regained its dominant position
and accounted for 58% of investment in Q1. Activity
has also increased in the retail sector, where value
investments accounted for 29% of the total quarterly volume. Share
industrial assets fell to 14% in the first quarter.
• With transactions worth € 519 million, it attracted the most
capital in the 1st quarter of Prague, where five transactions were concluded.
• They mainly contributed to the total volume of transactions
domestic investors who acquired five properties worth
more than € 435 million (48% of the total), followed
European investors (39%).
• After a slight correction in industrial real estate income and
offices in the 4th quarter of 2021 remained yieldy in the first three
months of 2022 in all sectors unchanged
Colliers, a leading company providing diversified professional services in commercial real estate and investment management, has published a regional office market survey for 2021. According to him, the importance of regional cities will continue to grow, both due to lower price levels and the emergence of new quality office space. Last year, gross annual demand began to grow again after a period of stagnation, both in large centers such as Prague, Brno and Ostrava, as well as in regional cities.
The year 2021 was very successful for UBM Development Czechia. It sold three projects (in Prague, Lipno and Karlovy Vary) and also approved the Astrid Offices projects in Holešovice, the Andaz Prague Hotel on Senovážné náměstí and the Neugraf residential project in Smíchov. This list also includes the start of construction of an extensive residential project Arcus City in Prague-Stodůlky, where it also directly opened a sales center. This year, UBM will start construction of the next stage of this project. At the same time, they are negotiating new acquisitions. Following the example of the Austrian parent company, it is going to use ecological wooden constructions of houses and prepare a pilot housing project in the Czech Republic.
The construction, operation, financing, development and acquisition of commercial real estate in 2022 and beyond will continue to be affected by the prices of fuels, energy and building materials. Added to this are problems in supply chains, nearshoring operations and rapidly rising inflation. The Colliers CEE Investment Scene 2021/2022 study predicts that these factors will have a direct impact on sales prices and rents.
Large transactions returned to the Czech real estate market. The first quarter of this year was the strongest in the commercial real estate investment market in the last few years. The market thus returned to pre-pandemic levels. The confidence of domestic investors is also constantly growing. However, the impact of the war in Ukraine and the expected stagflation of the Czech economy remain largely unknown.
Passerinvest Group (Passerinvest), which celebrated 30 years since its establishment in December of last year, is behind the urban transformation of the Prague locality Brumlovka in Prague 4, which is one of the largest projects of its kind in Central Europe. During this period, Passerinvest’s investment activity has enriched the state coffers by CZK 71 billion. In the last 16 years, it has also been involved in the preparation of the appropriate urban development of Prague - Roztyly. The company plans to invest an additional CZK 35 billion in both locations in this decade. The outlook includes commercial and residential projects, the expansion of civic amenities and publicly-accessible spaces for the general public.
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