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.
At the end of last week, the Crestyl Group won the award for the best office project in the 22nd CIJ Awards, for the DOCK IN FIVE administrative building. It was approved in May of this year and is the last part of the now complete DOCK district, which has grown up around two blind branches of the Vltava in Prague's Libni. The CIJ Awards are the longest running awards in the field of commercial real estate in the Czech Republic and are also awarded in other countries of Central and Eastern Europe.
The Prague office real estate market reached several records in the first nine months of 2022. It marked year-on-year records in the growth of new office space, record demand from tenants, and even much more office space was leased this year than a year earlier, according to JLL's regular quarterly analysis.
Developer Ameside a.s. from the Prague group Amadeus Real received a planning permission for the project of a new urban district in the center of Pilsen. He wants to build it for roughly eight billion crowns by 2027 on the site of the House of Culture, which was demolished ten years ago. The company is already working on a project to issue a building permit, which will take several months. He wants to submit the application next year, and construction is to start in 2024. Václav Klán Jr., a member of the board of directors of Amadeus Real Estate, told ČTK today. The territorial decision is not final yet.
Among the companies offering innovative solutions for the real estate sector, four Czech companies appeared in this year's global KPMG research. In previous years, only one represented the Czechia. This year, the research counted almost 800 innovations, the largest number of which were presented by companies from the Netherlands. Overall, it innovates the most in the areas of digitization, connectivity and sustainability.
Colliers, a leading company providing diversified professional services in the field of commercial real estate and investment management, published a survey of the Prague office market for the 2nd quarter of 2022. According to it, the vacancy rate did not change and remained at the same value as in the previous quarter. On the contrary, rents or service fees continue to rise. The volume of net realized demand is nevertheless the highest since the end of 2019.
Slovak developer Corwin has sold the Blumental office centre in Bratislava to Czech real estate fund ZFP realitní fond. With more than 21,000 sqm of lettable area, it is one of the largest Bratislava office transactions of 2022. The price of the acquisition has not been disclosed.
PlanRadar, one of the leading European platforms for digitization in the construction industry, which is already used in the Czech Republic by, for example, the construction companies BAK, Metrostav and Imos Brno, specialist in project management and technical supervision of buildings Unitrex Management or companies providing maintenance and property management such as Awigo or Trade Center Prague, launched a special tool focused on planning. It is designed to facilitate the construction of buildings and subsequently their maintenance and management. Above all, the novelty will facilitate the supervision of all tasks and help with meeting the set deadlines.
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