The first quarter of this year brought a revival of the Prague office market. Growing demand may encounter a lower availability of new premium spaces in the coming years, as only a smaller number of new projects are currently under construction. This can also affect the currently stabilized price level of rents. Serviced office centers and projects that comply with ESG principles are on the rise. This results from a quarterly market survey carried out by the Colliers company.
Anyone who regularly moves around Prague's náměstí Republiky may have recently noticed an increase in construction activity at the somewhat run-down corner house adjacent to Kotvá. And in about a month, scaffolding will appear on the corner palace in the neoclassical style according to the design of the architects Adolf Foehr and Alfons Wertmüller, the author of the State Opera.
Passerinvest Group, a.s. , a leading development and investment company on the Czech market, has successfully completed the issue of PSG 7.60/28 bonds. The bonds were issued for 5 years with a total subscribed volume of CZK 750 million. The bonds were issued with a coupon rate of 7.60% p.a. and quarterly payment of coupons.
It will become the vibrant center of Prague and at the same time connect the impassable areas between Florence and Hybernská Street. This is promised by the company Penta Real Estate, which has completed the rough construction of a complex designed by London studio Zaha Hadid on a neglected brownfield near Masaryk railway station. The craftsmen now have to fine-tune the interiors and the facade, which will be covered by greenery and modified aluminum panels by the summer.
Sharry, a company developing a workplace experience platform around digital employee badges, has completed its largest project in the Czech Republic yet. It has launched a comprehensive digital solution for the office part of the Prague-based DOCK complex developed by Crestyl. The contract includes a mobile application "DOCK by Crestyl", which connects users from all five office buildings and contributes to the greater sustainability of the project.
Rising energy prices and upcoming changes in the mandatory reporting of ESG information, which show the effects of companies' management style on the environment, energy balance and the quality of the working environment, aroused a significantly higher interest of companies in sustainability and dream related areas last year. Specifically, it was confirmed by 67% of more than 500 interviewed investors and tenants of commercial real estate participating in a global survey by the real estate consulting company CBRE. The current facts are inexorable: only 15% of buildings worldwide currently meet the conditions of the so-called Paris Agreement, while 85% of all existing real estate located on the territory of the European Union is to be used even in 2050, when the EU wants to achieve climate neutrality. In the future, it will therefore be necessary to implement a whole series of reconstructions and demanding rebuilds. It is for these reasons that CBRE's latest survey was created, the results of which reveal the main trends that are currently gaining ground in the field of ESG and have a significant impact on the strategic decision-making of companies.
Scott.Weber Workspace, which operates flexible serviced offices, coworking and event spaces, is expanding. In the new locations of The Park and Port7, it will offer 830 office spaces with an area of 7,322 m2, in addition to expanding the area in Atrium Flóra by another whole floor. The Park in Chodov is a campus of office buildings with exceptionally rich civic amenities. Due to the nature of the companies located there, the location is referred to as "Prague's Silicon Valley". On the contrary, Port7 is a newly built complex in Holešovice, which is considered to be the new Prague waterfront. And it is, for example, the only place in Prague that can be reached by seven modes of transport. The Atrium Flóra concept, where offices are located in a shopping center building, is being expanded by another floor due to its great popularity.
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