Prague is the only city in the CEE region (Central and Eastern Europe) that can be proud of the so-called Prime High Street, i.e. a shopping street with exclusively the most prestigious global brands. It is Pařížská street, which currently has 46 occupied out of a total of 48 retail units. The interest of premium brands in this location increased significantly after the end of the Covid pandemic. According to experts from Colliers, a leading provider of diversified professional services in the field of commercial real estate and investment management, it is only a matter of time before another similar zone is created in Prague and the city's reputation as a global player in the field of luxury retail will grow even more.
It will become the vibrant center of Prague and at the same time connect the impassable areas between Florence and Hybernská Street. This is promised by the company Penta Real Estate, which has completed the rough construction of a complex designed by London studio Zaha Hadid on a neglected brownfield near Masaryk railway station. The craftsmen now have to fine-tune the interiors and the facade, which will be covered by greenery and modified aluminum panels by the summer.
The development company AFI Europe is taking stock of the results for last year, in which it fully devoted itself to the implementation of its new corporate strategy focused exclusively on rental housing: It is currently building four buildings in Prague in three residential projects. AFIHOME Třebešín (formerly Tulipa Třebešín) is the furthest in the preparations, which was the first to achieve a rough construction. The house, which will offer a total of 61 housing units, should be completed this year. Another project is the multifunctional complex AFIHOME Karlín with a total of 170 apartments, which will complement the shops and services. He reached the glajcha at the turn of this year. The other two apartment houses are growing in parallel in the new multifunctional district of AFI City. The first of them already has a complete rough construction, the construction of the second building was started in November last year. In addition to rental housing, AFI Europe also approved and sold 80% of the luxury villa houses in Tulipa Třebešín, in which it also created a model apartment under the direction of designer Magdalena Hopkins. The company was also active in the field of commercial real estate and expanded its office portfolio with Avenir Business Park in Prague 5 - Nové Butovice. The company bought it for 66.5 million euros and is now almost completely occupied.
The more than a billion-dollar reconstruction of the functionalist building known as the Palace of Electrical Enterprises is almost complete. The unique building in Prague's Holešovice, which was originally completed in 1937, was successfully approved. Marketing, advertising and PR agencies, which are part of the multinational company WPP, will soon move into the renovated office space. The company, which will occupy almost 2/3 of the building, is now starting to prepare and implement its future offices. The Bubenská 1 project is one of the largest and most technically demanding reconstructions of a listed building in Prague.
The Flow Building, a multi-purpose project of Flow East on Prague's Wenceslas Square, is the first building in the Czech Republic to achieve the highest possible "Outstanding" rating according to the current BREEAM certification scheme.
In the first nine months of 2020, over 140,000 m2 of office space was added to the Prague real estate market. Compared to last year, this is an increase of 35%. Construction did not stop even during the 3rd quarter, new projects were also launched. This is despite the fact that the coronavirus pandemic has reduced demand from tenants. The quarterly analysis of the international consulting company BNP Paribas Real Estate shows that 7.2% of modern offices are currently vacant in Prague, which corresponds to 267,300 m2 of space. However, the offer of so-called subleases (under leases) is also growing, which do not appear in the official register of vacant space. According to the analysis, there could currently be around 80,000 m2 of space for rent.
Arcadis Czech Republic was the first in continental Europe to receive for its office in the Czech Republic an assessment of the quality of the working environment according to the international WELL Health-Safety Rating standard for operation and maintenance, prepared under the auspices of the International WELL Building Institute (IWBI). This independently validated assessment for new and existing buildings and premises is based on the evaluation of documentation on operational guidelines, maintenance, stakeholder involvement and crisis measures contributing to a safe working environment with regard to the spread of COVID-19.
SkyTower, the tallest building in Romania, announces the implementation of Spaceflow community management mobile application, a digital communication and interaction platform dedicated exclusively to its tenants. The mobile app offers a fast-digital connection to a variety of services and facilities and a direct connection to the community life in the tower.
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