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Aug 7, 2015

Developer projects in Prague in 2015

Three million square metres of office space

Prague currently offers over 3 million sq m of office space. 15 administrative buildings were finished last year, offering an area of around 150 thousand sq m.

“This figure is comparable to the capacity of space that was completed in the pre-crises years,” said Katarina Wojtusiak, Head of office agency at CBRE.

“The annual amount of office space that was finished fell to 80 thousand square metres during the crises,” added Katarina Wojtusiak.

The most favourable conditions for leasing offices

Does this mean it is the right time to change offices or negotiate better conditions? Absolutely! If you are looking for administrative space, now is the best time.

“The rental market for office space is very competitive. Landlords are offering many enticements in order to fill occupancy,” Katarina Wojtusiak went on to add.

The volume of office space has exceeded demand and landlords are attracting tenants with attractive packages including so-called “rent holidays” or by contributing to office refits.

More in the article: 2015 offers the ideal conditions for leasing office space.

In order to obtain more favourable conditions, you do not have to move into a new office space - it is possible to try to negotiate new terms and conditions of existing rental contracts.

Interesting localities for office headquarters

We have noticed the biggest demand in Karlín, Pankrác or in the centre of Prague. Karlín attracts companies, small traders as well as individual residents. The more expensive Prague city centre has remained an attractive locality.

“There are some companies that like the centre, including law firms, financial advisors or investors,” said Katarina Wojtusiak.

Office vacancy

At the end of last year, the office vacancy rate fluctuated at around 15.3%, while it could reach 17-18% by the end of this year.

The lowest rate of vacancy can be found at Anděl, Chodov and Opatov. The highest vacancy rates are in Vysočany - Prosek - Letňany.

Graph showing the development of vacancy rates in Prague from the article:  2015 offers the ideal conditions for leasing office space.

Be sure to secure office space in time

We recommend that companies interested in office space start looking on time by preparing contracts and ensuring everything necessary for a move. Moving large companies can take several years. We will help you with the entire process, providing you the smoothest transition throughout this enormous change.

Developer projects with a planned completion in 2015

Here is an overview of developer projects that have been completed recently or are planning their completion in a few months.

Project name Office space in sq m Location Projected completion
Aero House 3,700 Prague 8 2015 Q3
B3 Pankrác 13,000 Prague 4 2015 Q3
Corso Court 17,300 Prague 8 2015 Q3
Aviatica 27,000 Prague 5 2015 Q3
Enterprise 29,100 Prague 4 2015 Q4
Palác Národní 7,700 Prague 1 2016 Q1
Classic 7 Phase III. 6,300 Prague 7 2016 Q1
Nová Palmovka 16,700 Prague 8 2016 Q2
Šporkovský palác 7,000 Prague 1 2016 Q2
Park Radlice 6,500 Prague 5 2016 Q2
Harrachovský palác 4,000 Prague 1 2016 Q2
Butterfly 22,700 Prague 8 2017 Q1
Futurama Phase III 9,100 Prague 8 2016 Q3
FIVE! Smíchov Offices 14,200 Prague 5 2017 Q1
City Deco 13,200 Prague 4 2017 Q2

Projects completed in 2014

And which developer projects were completed in 2014?

Project name Office space in sq m Location
Drtinova 3,900 Prague 5
City West C1 + C2 24,100 Prague 5
Forum Karlín II. 9,500 Prague 8
Jindřišská 16 5,900 Prague 1
Na Příkopě 14 7,400 Prague 1
River Garden II & III 22,700 Prague 8
Rybná 9 1,600 Prague 1
S9 Florenc 2,700 Prague 8
Art 13,900 Prague 7
Centrum Chodov Admin Bld. 1,000 Prague 4
Gen 980 Prague 7
Jungmannova 15 6,800 Prague 1
K7 1 1,000 Prague 8
Quadrio 16,100 Prague 1
Riverview 6,200 Prague 5
The Blox 16,300 Prague 6

Source: CFOworld, The CBRE real estate company