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Articles - Lease Renegotiation

Křetínský and Crestyl will change the face of Prague. They’re rebuilding Vinohrady Avenue

The Crestyl development group, in cooperation with EP Real Estate, billionaire Daniel Křetínský, will build the first phase of an office complex in Prague’s Hagibor.

JRD Group grows. It has a planned turnover of CZK 10 billion per year within ten years

The ever-expanding JRD Group, which covers five divisions under its brand (JRD Development, JRD Plazma, JRD Energo, JRD Property and JRD Invest), achieved total sales of CZK 2.14 billion last year. JRD Development occupies a dominant position in it, with last year's results of CZK 1.61 billion. The individual divisions cover a wide range of industries, from residential or land development through investments in profitable real estate to energy from renewable and secondary sources. This includes, for example, a portfolio of photovoltaic and wind power plants or a groundbreaking plasma waste gasification technology.

The first tenants are moving to the offices in the Astrid Offices project from UBM. The building is now completely rented

The new Astrid Offices office building in Prague's Holešovice from UBM Development Czechia welcomes its tenants in August. The Czech branch of UBM is also moving here from its original headquarters in Voctářova Street in Libeň. The project currently rents all offices as well as retail space on the ground floor.

Prague office leasing activity is picking up slowly

According to Savills, total modern office space in Prague increased slightly in Q2 2021 to 3.73 million sqm. Although subdued and still challenged by uncertainty, Q2 2021 saw a recovery in new supply as 49,500 sqm was delivered to the market across four new projects. Even though a decline of 57% is still visible in y-o-y comparison, new office supply for the second quarter is 10% above the pre-pandemic quarterly average.

Offices are still in lead

After several months of waiting, there is again interest in commercial real estate. Investors in the Czech Republic poured 678 million euros (17.5 billion crowns) into them during the first half of the year, ie a fifth more than in the same period last year. The market is spinning, albeit gradually.

Open House Prague 2021 starts. Have a look at normally inaccessible buildings

Due to the pandemic, the term Open House Festival was postponed to summer. Dozens of inaccessible buildings open to the general public on the weekend of August 7 and 8, 2021. The festival week starts on Monday, August 2, to offer those interested in architecture a number of interesting accompanying events.

One-way corridors, transparent partitions. The offices will change after the pandemic, experts say

One-way corridors, bumper zones around tables and transparent plastic partitions protect against coughing and snorting by colleagues. According to experts, all this may become a new office standard after the abolition of coronavirus quarantine measures, due to which many people started working from home.

Real estate investors are looking for opportunities in the regions

The activity of real estate investors fell to the lowest values since 2013 in the first quarter of this year. The owners changed their commercial (and residential) buildings for EUR 310 million. Rather than the effects of covid measures, the result was affected by the lack of quality real estate to buy.

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