The Crestyl real estate group will enter the next phase of construction of the Savarin project in the center of the capital with full property control over the project. The money from the just-started bond issue will be used, among other things, for the payment of investors.
From September, the Wolt delivery service and the Kantar research agency will move their headquarters to the Bubenská 1 palace in the First Republic, which has undergone reconstructions for more than a billion in recent years. The WPP group has already chosen the building as its headquarters for its marketing, advertising and PR agencies. Bubenská 1 belongs to the portfolio of the real estate investment group CPI Property Group, which is the largest owner of office space in Prague.
The largest publishing house in the Czech Republic, Albatros Media, a.s. is moving to new offices. It will occupy almost 2,200 m2 in the Mayhouse building on Prague's 5.května Street. The publishing house will operate at the new address from September 1, 2021.
The attractive Nová Karolina Park office building in Ostrava is enjoyed by a newly arrived tenant, Brose CZ. Brose is one of the world's leading suppliers of automotive components. It is a family-owned company originating in Germany and has leased 1,700 m2 of office space in a building owned by the investment and development company Passerinvest Group. Preparations for future offices began in mid-September 2020, and employees have been moving to them since December last year.
The year 2020 is almost over, but Penta Real Estate still managed to break one of the records on the real estate market. It sold the Churchill Square office complex near the main railway station in Prague for more than four billion Czech Crowns. This is despite the fact that the company's representatives previously claimed that they will no longer be getting rid of buildings in the center of Prague.
The total volume of transactions in the commercial real estate sector in the Czech Republic should reach 1.2 billion euros this year. This is a 63% decrease compared to last year, which was above average successful. If we also take into account the complications that the coronavirus pandemic has brought to the economy, the result is relatively satisfactory and testifies to the continuing appetite of investors. In addition, we can expect a further increase to almost double this year's volume next year. It is also positive that real estate prices still remain stable.
The AFI City office building 1 on the city brownfield in Prague 9 near the Kolbenova metro station is full of interesting architectural and design elements. One of them is the artistically crafted gear motif, which occupies the entire main wall of the reception hall, and is the first thing that welcomes visitors. The work by Czech artist Ivan Komárek is a reminder of the rich industrial past of Vysočany, which was the pride of Czech industry at the turn of the 19th and 20th centuries: the most important companies at the time included the Czech-Moravian Machine Factory, Kolben's Electrical Factory and a plant of the engineering company Breitfeld-Daněk, later connected with the world-famous ČKD, but also the carmaker Praga or the Avia Aero aircraft factory.
As Covid-19 squeezes demand for offices, shared workspace provider IWG (IWG) is set to place its Jersey-based subsidiary, Regus plc, into insolvency. The move is designed to send a signal to landlords that unless they are prepared to lower their rents, IWG is willing to walk away from its lease obligations. IWG says that it has resorted to insolvency measures because “the Covid-19 pandemic is a black swan event and it has severely impacted our business and presented us with unforeseen challenges"
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