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.
Leading Brno developer Domoplan is planning a large-scale construction for four and a half billion crowns near the final stop of the recently completed West Gate tram line. After exiting the "wasteland" one finds only a barren plain here today, but within a few years the multi-functional urban two-block Brixx will grow here with more than four hundred apartments, offices and a top medical workplace. The construction of the project, for which Domoplan has already received planning permission, should begin in the first half of next year.
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.
In February, the development and investment group Crestyl appointed Lenka Preslova as its commercial director for commercial real estate. In the newly established position, she became part of the management of Crestyl in the Czech Republic, where she will lead the team dealing with the leasing and management of commercial real estate - both office and retail.
Coworking and flexible offices are one of the few industries that have been significantly boosted by the coronavirus pandemic. Although HubHubu, the operator of two shared spaces in Prague, had its occupancy reduced to 50 percent during the strictest closures, this year it is reporting that it is practically occupied. One of the reasons is the hybrid work style, to which a significant part of companies have reoriented. Instead of startups, flexible offices are increasingly being rented by larger companies as well.
After three quarters this year, the Prague office market already exceeded the volume of transactions from the covid years 2020 and 2021. The year-on-year increase in gross and net realized demand, i.e. new contracts and their extensions, amounted to 38 percent. Office vacancy has fallen by 0.3 percentage points since the start of the year to 8.1 percent, and demand for flexible space is growing. Prices will increase in the coming year, which, according to representatives of construction and real estate companies, will be reflected in inflationary clauses in contracts and energy prices.
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