Petr Narwa, Head of Transaction & Consulting Services at Prochazka & Partners, who has long been involved in commercial real estate and investment services, answered the interview. What does Petr say about the current situation in the market, where tenants are currently trying to save as much as possible and where the pandemic has disrupted the income of real estate investors?
The independent law firm Wilsons has signed a lease for 800 square meters of office space in The Flow Building. The building on Wenceslas Square, which was built by the development company Flow East, is one of the most impressive examples of modern sustainable architecture in Prague. Wilsons will move to its new premises in a highly sought-after project in the third quarter of 2021.
According to the latest Savills report, the volume of commercial real estate investments in the Czech Republic in the second half of 2020 amounted to € 797 million, with 60% (ie € 478 million) of these investments related to Prague real estate.
23 thousand square meters of offices and almost five thousand square meters of shops at a price of 25 to 30 euros per meter. Penta has opened an offer of premises in the upcoming Masaryčka complex and the first applicants are already applying.
According to JLL, the demand for flexible spaces will increase by 300% due to Covid-19. The needs of clients have changed significantly and flexibility and other services are the main criteria according to which the client chooses today. Landlords and investors need to adapt their concepts accordingly. New Work - one of the leading flexible office operators in Central and Eastern Europe - is launching its franchise concept in response to these needs.
Weber-Stephen Products, LLC (Weber), a leader in the production of innovative and high-performance barbecue products, has signed a lease for 1,200 square meters of office space in The Flow Building on Prague's Wenceslas Square. The Flow Building by the developer Flow East is one of the most distinctive buildings in Prague and the demand for space in the building, which is an example of technologically advanced and modern architecture, is high. Furnishing offices for Weber is scheduled for May this year, and the company will move to the new facility by September 2021.
Whether you are a property owner or a property manager, steady rental income equates to a well-streamlined cash flow. The rent roll data builds the foundation for day-to-day operations in asset and investment management. They also built the foundation for the valuation of the asset. Therefore, accurate and consistent data is crucial to make the right decisions.
The year 2021 brings new work trends, which, together with the potential relaxation of measures, will soon be reflected in the form of leases and the use of office space. According to experts from Business Link, the offices will become primarily a meeting place for collaborative work and the emphasis will be on new contactless technologies. Companies will continue to look for new flexible solutions for running their offices.
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