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Jun 6, 2018
We are honored that Siemens chose CBRE as its consultant in the renegotiating of their contract. We reached a decision with Siemens representatives to prolong the lease only after meticulous and long consideration of many factors.

Helena Hurábová

Director, Office Agency

Thanks to CBRE, Siemens will be staying in City West until 2027

Helena Hurábová and Simon Orr from the Office Agency team have provided long-term lease to Siemens in Stodůlky in Prague until 2027. Siemens also plans to modernize its office space, improving the working environment of its employees. The area of 24,000 square meters is one of the most important office lease transactions of the spring season not only for CBRE, but the entire Czech real estate market. 

"We are honored that Siemens chose CBRE as its consultant in the renegotiating of their contract. We reached a decision with Siemens representatives to prolong the lease only after meticulous and long consideration of many factors," said Helena Hurábová, Director from the Office Agency team. “The contract includes the lease of 24 000 m2 of floorspace and 400 parking spaces in underground garages. Modernization of the offices also means the work environment for Siemens employees will vastly improve,” says Simon Orr, Associate Director, Office Agency, who cooperated with Helena Hurábová on negotiating the lease.

Eduard Palíšek, CEO of Siemens Czech, added: “Modernisation of our company headquarters in Prague’s Stodůlky will enable us to offer our employees the best possible working environment. And on top of that, the newly installed control system Siemens Desigo CC will significantly lower the energy consumption of both buildings.”

According to data about the office real estate market in the Czech Republic, which CBRE regularly analyses and makes public, the year 2018 could bring an improvement thanks to a higher number of office buildings, which are currently under construction and should be completed by the end of the year. In Q12018, three new office buildings with 35 400 m2 of floorspace were opened in Prague and more than 167 000 m2 are currently under construction. Most of the floorspace should be available for rent by the end of the year. However, up to two thirds of the mentioned floorspace already have pre-negotiated tenants.

“In the years 2016 and 2017, a small number of new projects was completed, not even 170 000 m2 of floorspace. On top of that, the occupancy level is on the decline. At the end of 2017, it was at 7,5 % and at the end of the first quarter of 2018, it reached 6,2 %, which represents a ten-year minimum. But when we consider the large number of projects currently under construction, the situation should take a turn for the better in the near future,” said Helena Hurábová of CBRE. The current situation has an effect on the slowly increasing lease prices. According to data of CBRE for Q12018, the average price for the lease of premium office space reached 21,5 EUR for 1 m2 per month in comparison with 20,5 EUR from the end of last year.