Gold wedge towering above the new square. A monumental building in a lucrative place in the center of Prague, where the abandoned brownfield was until recently. And inside the tenants of known names. One of the most watched Prague buildings in recent years has gained in charge and begins to move the first tenants.
High demand and a lack of new projects caused a decrease in the vacancy rate of Prague offices, which currently stands at 7.26%. The volume of new construction and renovations was approximately 143,600 square meters at the end of Q2 2023, and the total market size was 3.85 million square meters. Reference rent prices have not changed in any way compared to the previous quarter, however, in connection with ESG and modern standards, the price of office equipment is increasing. It can easily exceed 1,000 euros per square meter. That's according to a survey by Colliers, a leading provider of diversified professional services in commercial real estate and investment management.
The Czech real estate fund Investika became the new owner of the Tensor administrative complex in Gdynia. He is investing in Poland for the fifth time, this time one billion crowns. The popularity of the neighboring country is also growing among other Czech investors thanks to the greater number of opportunities, higher yields and still relatively affordable prices.
Europe's fight against carbon dioxide is pushing developers to reduce their carbon footprint. Building so-called sustainably will be crucial for the financing of new projects in the coming years. Domestic developers already want to use industrially processed wood to a greater extent for the construction of offices and apartment buildings. But legislation prevents them from doing so. Studio Qarta Architecture of architects Jiří Řezák and David Wittassek now offers a possible solution to break the ice in this regard in the Czech Republic.
In the Czech Republic, there is a growing interest in so-called mixed-use projects that connect offices, shops, housing and various forms of social enjoyment. Unfortunately, their construction still lags behind the surrounding countries. The reason is primarily the very long building permit process. While in Poland, for example, a permit for a new building takes only a few months, here it usually takes years.
The demand for a combination of working from home and from the office remains high even with the end of the post-covid period. It attracts young people the most, 3 out of 5 employees under the age of 35 would like to use it. Older generations, on the other hand, are more reserved on the issue. Less than half (41%) prefer to work purely in the office, only 15% of them use work from home in practice. A total of 39% of companies offer an alternating work model. This follows from a survey mapping the attitudes of employees and employers for Scott.Weber Workspace.1
Belgrade is the only metropolis in the region between Milan, Budapest, Istanbul, and Athens. "Nikola Tesla" Airport reached over 6 million passengers last year. Office space buyers are more and more demanding!
The first quarter of this year brought a revival of the Prague office market. Growing demand may encounter a lower availability of new premium spaces in the coming years, as only a smaller number of new projects are currently under construction. This can also affect the currently stabilized price level of rents. Serviced office centers and projects that comply with ESG principles are on the rise. This results from a quarterly market survey carried out by the Colliers company.
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