Colliers, a leading company providing diversified professional services in the field of commercial real estate and investment management, published a survey of the Prague office market for the 2nd quarter of 2022. According to it, the vacancy rate did not change and remained at the same value as in the previous quarter. On the contrary, rents or service fees continue to rise. The volume of net realized demand is nevertheless the highest since the end of 2019.
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 current economy has to deal with a number of negative factors affecting not only our personal but also our working life. The Covid pandemic and its consequences, the difficult geopolitical circumstances caused by the war in Ukraine, the skyrocketing energy prices, steeply rising inflation – all of this has an effect on the office market as well. Today, their tenants are faced with the question of how big offices they will need in the era of the "new normal" - and also in what buildings in order to be able to pay the rent in the rented premises without problems (1). In the considerations of tenants, the price-quality ratio is increasingly coming to the fore. When applying this key criterion, it turns out that class "B" offices, although their share of the market for administrative space in Prague is significantly lower than class "A" offices, are definitely not Cinderella. On the contrary – for many tenants, they are now the ideal solution to their needs. The example of the successful Nagano Park administrative complex in Prague 3 can be used to show why "B" offices are and will be in vogue.
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.
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.
Coronavirus has changed the way we used to know from the office environment. After two years of running a full-time home office, people are slowly returning to the offices - but it's clear that in most cases it won't be five days a week after eight hours. This creates a new problem for companies: how to adjust the capacity of offices and optimize their occupancy. The solution offers an unexpected helper - a corporate wireless network.
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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