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 metro station in Prague's Letňany is often given as a model of how transport infrastructure in the city should not be built. And anyone who has ever stepped out of those vestibules in the middle of the fields would probably agree with such voices.
In the spring, despite the turbulent situation on the construction market, developer Crestyl began construction of four buildings that are part of the new Hagibor district in Prague, next to the Želivského metro station - two office and two residential buildings. Completion of the construction is planned for 2024. The very first two administrative buildings in this location will offer a total of 31,000 m2 of space for rent. Of this, almost 12,000 m2 will be occupied by the Czech News Center media house, which will move its headquarters here. The newly built residential buildings Gamma and Delta will be connected to the first two apartment buildings of the Hagibor project, which were approved in May. Gamma offers 138 apartments of all sizes, each with a balcony or terrace. The Delta building, newly bought by the investment company Invesco Real Estate, will then provide apartments for rent.
The coronavirus pandemic subsides with the onset of summer, and with it the need to work from home. However, the labor market and the way work is done has undergone a number of changes over the last two years. However, many companies are still looking for new models of office work.
The "Best of Realty" competition has entered its 24th year, which annually awards projects that represent the achievements and capabilities of architects, builders, designers, developers and, last but not least, real estate agents in selling or renting them. Domestic constructions completed and approved after January 1, 2021 can apply for nominations for awarded titles until September 2, 2022, when the application deadline. The announcement of results and awarding of prizes to the best projects will take place at the gala evening on November 15, 2022, traditionally the Prague Forum Karlín.
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 first quarter of 2022. According to him, there was a further increase in vacancy, which increased across Prague. However, gross realized demand recorded a year-on-year increase of 44%, and thus returned to pre-pandemic levels. The increase in prices throughout the city is still felt especially in construction projects, mainly due to rising costs for materials and construction work.
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.
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