“We haven’t experienced a situation on the market so favourable to the tenant as it is now. Due to the large amount of newly completed office space or space under construction, the trend will last for a few years. We’re observing vacancies in buildings which is at a historical high, and as such we’re experiencing the best conditions for tenants” says Katarina Wojtusiak, Head of Office Agency at CBRE.
The market for office space in Prague is very competitive and landlords are preparing a range of attractive incentive packages for tenants.
High vacancy rate
The standard of office buildings is rising and Prague offers the second cheapest rents in the CEE region. The amount of office space will be comparable to the years prior to the financial crisis thanks to new construction finished last year and new construction this year.
Outlook in 2015
The vacancy level, which may reach over 17% (the highest historical vacancy in the modern era), is the impetus behind the very advantageous lease conditions.
Source: CBRE Research
Are you looking for a new office? Now is the best time.
CBRE recommends that companies that are not satisfied with their current leasing conditions or their space, start negotiating new terms and conditions, or consider moving. It is possible for tenants to improve their situation and to attain a higher standard than B class buildings under the current market conditions.
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