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Articles - lease transaction

The vacancy rate has increased slightly, the market is suffering from slowing demand

Prague Research Forum announces data on the office market in Prague for Q1 2024: Almost 71,300 m2 of office space is under construction, of which 82% will be completed this year. In the first quarter of 2024, one office building was completed – Roztyly Plaza (21,700 m2). Thus, 80,300 m2 should be completed for the entire year 2024, significantly less than the long-term average. Gross realized demand reached a total of 108,700 m2 in the first quarter of 2024, a year-on-year decrease of 19%. Net demand was 46,000 m2 in the same period, 38% less than in the same period last year. Net absorption was positive in the first quarter and reached 8,900 m2. The vacancy rate increased 30 basis points from the previous quarter to 7.5%. The highest achievable rent increased slightly to EUR 27.50-28.00 per square meter per month.

The volume of investments in commercial real estate in the Czech Republic reached 1.62 billion euros last year, the lowest since 2013

The volume of investment in commercial real estate in Central and Eastern Europe (CEE) in 2022 was approximately 10.7 billion euros. Although this is a year-on-year decrease of only 3.3%, compared to the situation before the pandemic, it is a reduction of more than 20%. At the same time, domestic capital was the most active with a 38% share of total transaction volumes. In the first half of 2023, commercial real estate markets will remain subdued due to significantly higher financing costs and the subsequent price correction currently taking place in both CEE and many other regions. Colliers experts estimate that in 2023 investment volumes in CEE could reach between 7.0 and 10.0 billion euros. This follows from a study by Colliers, a leader in the provision of diversified professional services in the field of commercial real estate and investment management.

Zaha Hadid's Masarycka gains a big tenant. Fio banka will move its headquarters there

The Penta Group concluded one of the largest office contracts in the Czech Republic in recent months. The financial institution Fio banka will move its headquarters to the emerging Masaryčka administrative complex in the center of Prague.

Vítkova's CPI Property Group sells more than fifty properties to Immofinanz

The real estate company CPI Property Group (CPIPG) of billionaire Radovan Vítek is selling 53 retail properties in the Central and Eastern European region to the Austrian real estate company Immofinanz, of which he is the majority owner. The price is 324.2 million euros (almost eight billion crowns).

Immofinanz acquires €324 million retail portfolio from CPIPG

As part of its value-creating growth strategy with a focus on high-return properties, Immofinanz is acquiring 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group (CPIPG). The acquired portfolio has roughly 217,000 sqm of rentable space and is fully let with an occupancy rate of 99%. The purchase price totals €324.2 million. The purchase contract was signed today, together with the closing for 36 retail properties in the Czech Republic and Poland which have 108,000 sqm of rentable space. The purchase price of €191 million for those properties was financed from existing funds. The closing for the remaining 17 properties in Hungary and Slovakia is expected to take place by the end of this year.

ZFP buys Blumental in Bratislava from Corwin

Slovak developer Corwin has sold the Blumental office centre in Bratislava to Czech real estate fund ZFP realitní fond. With more than 21,000 sqm of lettable area, it is one of the largest Bratislava office transactions of 2022. The price of the acquisition has not been disclosed.

WOOD & Company Real Estate Fund acquires Green Point

The assets of the WOOD & Company Office Sub-Fund will now be supplemented with their tenth office building. The eight-storey modern building offers 7,500 sqm of leasable office space. Green Point is the third Prague office property held by the WOOD & Company Office Sub-Fund. Since its inception in 2017, it has delivered an average annual return of 11.65% to investors, making it one of the most successful real estate funds in the Czech Republic and Slovakia.

No more vestibules in the middle of the field. There will be new neighborhoods around Metro D stations

The metro station in Prague's Letňany is often given as a model of how transport infrastructure in the city should not be built. And anyone who has ever stepped out of those vestibules in the middle of the fields would probably agree with such voices.
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