Offices

New suppy reached 38,000 sq m in Q1 2023. Major new completions included Alexandria (4,200 sq m), Dover (2,800 sq m) and Edinburgh (23,900 sq m) in the PORT7 project in Prague 7, additionally Red Court (7,100 sq m) in Prague 8 was completed in Q1 2023.

Annual new supply is expected to reach almost 130,000 sq m this year. Around 150,000 sq m were under construction in Q1 2023. No new projects were launched in the past three quarters.

The vacancy rate decreased to 7.5% in the first quarter of this year from 7.7% at the end of last year. Overall, there are 289,100 m² of vacant offices in Prague. At the same time, Prague recorded the highest vacancy rate at the end of 2023/Q1. 

The biggest transaction of the year was the renegotiation of Amazon's offices in Rustonka, which is located in the Karlín district. 

Gross take-up reached 137,800 sq m in Q1 2023, up by 3% year-on-year and a decrease of 9% quarter-on-quarter. Net take-up amounted to 75,800 sq m, up by 19% from the previous quarter and the same as in Q1 2022. The highest gross take-up was recorded in Prague 8 (21%), followed by Prague 5 (19%) and Prague 4 (17%). According to the Prague Research Forum technology companies (12%), followed by manufacturing (11%) and energy & extractives companies (10%) were leading in gross take-up.

The Czech economy is expected to stagnate this year, after growing by only 2.4% last year. CPI inflation reached 15% in February 2023 and is expected to decrease further, most likely reaching single digits in the second half of the year. 

Total stock

3,860,000 sq m

Vacancy rate

7.5 %

Currently under construction

150,000 sq m

Yield "A" class

5 %