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Articles - Office space

The Central and Eastern European region continues to represent an attractive opportunity for reshoring and nearshoring from Western economies

In the region of Central and Eastern Europe (CEE-6 countries), a significant increase in the GDP growth rate is expected this year, from less than 1% last year to approximately 2.5%. According to experts from the Colliers company, which belongs to the top in the provision of diversified professional services in the field of commercial real estate and investment management, activity will therefore begin to increase in the commercial real estate market in this region in the second half of the year. However, the condition for this development is a reduction in interest rates in the eurozone. At the same time, retail parks will continue to be the main engine of growth. Other trends and forecasts published by Colliers for the CEE region in 2024 will include:

Another fragment for the reconstruction of Masaryčka. Penta showed the new look of the post office in Hybernská Street

The company Penta Real Estate has chosen an architectural design, according to which it will rebuild the former post office in Prague's Hybernská street, which is part of the complex of buildings around the Masaryk railway station. The winner of the competition was the architect Jakub Klaška, who had already collaborated with Penta on the Masaryčka project.

The volume of investments in the commercial real estate sector for 2023 is 1.2 billion euros, the driving force is retail

Savills recorded 40 transactions closed in 2023 in the commercial real estate sector with a total investment volume of €1.2 billion. The volume of investments was 32% lower in 2023 compared to 2022. The driving force behind real estate investments in 2023 was the retail sector, which accounted for 43% of the total investment volume. Domestic investors are undoubtedly the backbone of the Czech investment market. Not only are they the most active and have concluded 29 transactions, but they also account for the largest (80%) share of investment volume this year. 31% of investment transactions in 2023 took place in Prague

There is interest in shiny, modern and green offices in Prague. However, new ones are not being built

There is a great demand for high-quality office space in Prague, thanks to which the owners of so-called A-class buildings in particular can be proud of almost full occupancy. The problem, however, is almost zero construction, experts agreed.

Mississippi House and Missouri Park are the first administrative buildings in the Czech Republic to have WELL PLATINUM certification

The newest buildings in Riverside Karlín have received confirmation that CA Immo is really serious about quality of life on campus and sustainability.

Penta carved out another part of Florence. It bought parcels from Czech Railways for a quarter of a billion

Investment group Penta, whose development activities are led by billionaire Marek Dospiva, bought from České drah long-term unused plots of land in Prague's Florenci, next to the Prague highway. Thanks to this, it can continue the project of two buildings designed by the Zaha Hadid Architects studio, which it completed this October near the Masaryk station. In addition, Penta plans to acquire additional parcels in the locality, thanks to which it would control the territory from Masaryk station to Pernerova Street in Karlín.

Crestyl is strengthening in Poland, having taken over one of the largest Polish developers, Spravia

Czech developer and investor Crestyl significantly strengthened its position in Poland when it completed the takeover of a fifty percent stake in Spravia from the Cornerstone Partners group. The Polish developer was originally bought by both partners together. In 2021, they paid 8.5 billion crowns for it, which meant one of the largest real estate deals in Central and Eastern Europe. The price of the current transaction was not published.

Penta wants a cafe on the roof of Masaryčka. Critics are bothered by the extra floor

One of the most watched buildings in Prague in recent years is gradually being completed. In September, Masaryčka was approved, cafes, restaurants and shops opened, and this week the last protective film was torn off from the gold coating on the facade of the building. But the work on the Penty Real Estate project under the investment colossus Marko Dospiva does not end. In the summer, a publicly accessible viewing terrace with a café is to be opened on the roof.

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