After recently opening offices in India and Romania, the Czech real estate consultancy 108 REAL ESTATE is expanding into the south-eastern part of Europe - the Adriatic. Since September, a new office has been operating in Zagreb, covering the real estate markets of Croatia, Serbia and Slovenia. Despite the territorial differences, the entire region is united by the growing interest of developers and tenants - especially in the field of industrial real estate. For example, the supply of modern warehouses and production space in prospective Serbia amounts to just 1.3 million sqm, which is less than new office space.
In the third quarter of 2024, approximately 188 million euros were invested across the main real estate sectors. Although this is one of the lowest volumes in recent years, a full 100% of buyers were from the Czech Republic. The total investment volume for the first three quarters of 2024 exceeded one billion euros. There were a total of 34 transactions. Approximately half of the properties with which transactions have been carried out so far in 2024 are located outside Prague. This is according to a regular quarterly survey published by Colliers, a leading provider of diversified professional services in the field of commercial real estate and investment management.
In the 3rd quarter, there was only a slight increase in the total area of modern office space in Prague, and it continues to be slightly above the 3.95 million m² mark. In the first nine months of 2024, 69,500 m² of office space was completed in Prague, which represents a decrease of 29% compared to the same period in 2023.
Since the beginning of the year, the office vacancy rate in Prague has increased from 7.4% to the current 8.1%, which represents the highest value this year. A total of 318,200 m² of office space was immediately available. On a year-over-year basis, the current vacancy rate is 78 bps higher than the same period in 2023.
The total rental activity for the first three quarters is 458,100 m², which represents a year-on-year increase of 27%. Renegotiations of existing contracts accounted for more than 49%, similar to the same period last year.
Net demand increased by 26% year-on-year, reaching 222,800 m² in the first three quarters of this year. Thanks to the ČS transaction, the financial sector is the most active (44% of this year's net demand).
The basic rent for class A offices in the center of Prague and in the outskirts has stabilized. It increased slightly in the wider city center.
WorkLounge is the second largest company in Prague that offers serviced offices and coworking centers with all services. Small and large teams and, of course, freelancers can find their place in them. There is a lot of interest in modern and top-notch equipped offices with full service, the sixth Prague branch is currently being opened.
FETTERS, a specialist in project management in the construction industry, joins the ranks of developers with the Panorama Braník project. The 14-storey multi-functional building on the border of the residential development in the southern part of Prague's Braník will offer a total of 77 apartments with layouts from 1+kk to 5+kk and 750 m2 of commercial space on more than 4,300 m2. The public sale was launched on September 2, with completion scheduled for late 2026.
The developer group Crestyl is returning the Baroque Savarin Palace in the center of Prague to the cultural map of the metropolis. The most valuable historical spaces of the newly renovated listed building by Kilian Ignác Dientzenhofer will no longer be occupied by the casino, but will be reserved for exhibitions. The reconstruction of the baroque Savarin Palace has been practically completed and is the first part of the entire Savarin project, which will open previously inaccessible places in the heart of the metropolis to the public.
Almost half of Czechs eat lunch directly in the office, and only a fifth of them go to company canteens, according to a new survey by the IN CATERING company, conducted by the Ipsos agency on a sample of 509 respondents aged 18 to 65. About a tenth of Czechs go to restaurants, and when choosing a place, the most important factors are the quality of the food and the price, while the strongest motivator for changing a favorite restaurant is special prices and discounts.
Profile Furniture has completed the implementation of interiors of the new CEZ office building at the Dukovany nuclear power plant. The total volume of the contract reached CZK 11.4 million. The design of the building is the architectural studio DI5, which held the design inspired by the power plant itself. The project included 242 jobs, meeting rooms, dining room, classrooms and workshops and was implemented in two stages in the first half of this year.
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