3Things: Royal Apartments Aurum, Avison Young land Generali, Q3 industrial numbers

Robert McLean

#cee, #proptech, #development a #architecture

The Luxent real estate company has launched sales on the third phase of its luxury mountain apartments project Royal Apartments Aurum in Černý Důl in the Krkonoše mountains. Construction should start next spring on the 53 new units, which will be handed over completely furnished. Completion is planned to allow them to be used by the summer of 2023. Owners of the new one- and two-bedroom apartments can make use of onsite management to lease the units. The developer of the project is the Czech group Neeco. In all, the 4-star Resort Aurum project will offer a total of 150 beds. Luxent’s director Jiří Kučera says that demand for recreational apartments took off last year. People are looking for ways to escape the city on weekends or extended stays. Projects that can earn money while they’re not being used are also becoming popular.

Avison Young

Ryan Wray

Avison Young recently announced that it had won a tender held by Generali Real Estate to handle the valuations across its entire CE region. The portfolio includes 150 properties in 10 countries, including the Czech Republic, Slovakia, Poland, Hungary and Romania. Avison Young’s principal in Prague Ryan Wray admitted it’s a big moment for the company, which has been expanding its footprint in this region in recent years. The Prague office itself only opened this April. “We were able to convince them that they would get real hands-on client service and a real dedicated approach,” he said during a break at Expo Real. “It’s a milestone for our valuation department because it’s the first large institutional portfolio that we’ve taken on.” He said the agency was aiming for a client-centric approach, rather than trying to be the biggest agency or offer the broadest range of service.

The Czech industrial market went from strength to strength in Q3, with 176,600 sqm of new space completed in the Greater Prague and Pilsen districts. A remarkable 94% of the projects were pre-leased. Another 900,000 sqm is currently under construction, while net quarterly demand exceeded record levels set last quarter with a volume of 447,800 sqm. Distribution companies drove nearly half of all take-up, while logistics companies were responsible for another 21%. Given the high take-up figures, it’s not so surprising that 26% of the total under construction is being built speculatively. The biggest new construction start was the new Amazon distribution center in the Olomouc region. Total Czech stock of modern industrial space is closing in on 10 million, with 9.49 million sqm built as of the end of Q3 2021. Vacancy has fallen to just 2.5% (down 37 bps from Q2), which means that just 234,800 sqm of modern industrial space is available for immediate lease. Prime headline rents rose to €5.20 sqm/month during Q3 2021.


Also in ThePrime

GLP moving forward on multiple project fronts


Support ThePrime. Get access to the entire archive. Only €8/month!

You May Also Like…