Prague office vacancy stuck at 8.4%

Prague office

Robert McLean

#cee, #proptech, #development a #architecture

Crestyl’s 20,500 sqm Dock In Five was the only major addition to Prague’s stock of modern office space in the second quarter of 2022. Its completion (plus the 2,200 sqm Košířská brána) brought the city’s total volume to 3.75 million. In its QII report, Prague Research Forum notes that another six projects are expected to complete this year, but that they will add a grand total of 28,800 sqm of new space. As of the end of June, over 216,000 sqm of office space was under construction, including the start of reconstruction work on E Factory, an old 19,300 sqm industrial building in the Pragovka complex in Prague 9.

Gross take-up (which includes renewals, renegotiations and subleases) reached 123,700 sqm in QII, writes PRF. That was 7% off the pace from Q1, but 41% more than a year ago. The SCS Software 9,700 sqm pre-lease at Roztyly Plaza was the biggest deal to be disclosed. Vacancy is stuck at 8.4%, which in Prague translates to 313,400 sqm. Prague’s 7th and 8th districts have the city’s lowest rates (4.4% and 5.6% respectively) while the 3rd and 9th districts are three times worse (26%, 22.4%). There’s currently 75,800 sqm of empty offices in Prague 4 and another 49,300 sqm in Prague 5. Prague Research Forum reports are based on the sharing of non-sensitive information by the city’s most active real estate agencies.

 

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