ARTICLES LABELLED WITH TAG Colliers

Brno has changed over the past two decades. A total of 635,900 sqm of office space currently exists in the city thanks to the strong growth of companies from the business and IT services and R&D sectors. Brno Spielberg, along with the city centre around Vlněná Street, has become home to companies that create advanced technologies and innovations for global businesses. The city is preparing to expand this space – it will soon add almost 100,000 sqm to the currently unoccupied 70,900 sqm of modern office space, says Colliers in its latest report.

Colliers has taken over the management of three office buildings in regional cities – Carbon Tower in Wrocław, Ocean Office Park A and Tischnera Office in Kraków – with total area of 66,000 sqm.

Around 130,000 sqm of new modern offices could be delivered this year, with a total of roughly 360,000 sqm possible for the 2022-2024 period, though the 2024 calendar could be postponed, according to real estate consultancy Colliers. 

Even though the increase in the amount of new office space in Prague in Q3 2022 was the lowest so far this year and no new construction even began, according to Colliers, there is no need to worry about a lack of offices. In the coming months, developers plan to start speculative construction of approximately 126,600 sqm in new space. Despite original assumptions, the office vacancy rate in Prague, unlike in neighbouring markets, is decreasing and has reached 8.1%. Gross realised demand for 137,700 sqm was the highest level so far in 2022, reported Colliers in their regular quarterly market survey.

When it comes to residential real estate assets, Czechs are oriented largely towards an ownership model. The ratio of owner-occupied to rented apartments in Prague, for example, is approximately 70:30, similar to the EU27 average. Still, the Czech Republic is somewhat behind more advanced markets in terms of market evolution towards new trends. However, with the shift to hybrid working, intense talent searches, and the growth of the business services sector, Prague and other large Czech cities will need more flexible housing solutions soon. The average bid price for a newly built apartment in Prague was approximately CZK 155,000 per square meter during Q3 2022. This represents an increase of 7% since the start of the year, according to an analysis done by Colliers.

In Q3 2022, the Czech industrial market grew at a faster pace than at any time previously, adding 511,100 sqm of new modern industrial space to the market. The market stock overtook the level of 10.65 million sqm, further expanding after breaking the 10 million sqm milestone in H1 2022. The vacancy rate decreased to 0.99% for the first time in recorded history, plunging the national average just below 1% of all available space on the market, says Colliers.

Authorizations of new residential developments in Bucharest were down in the first semester by one third compared with the same period of 2021 but hit a 14-year record with a permitted volume of 350,000 sqm in July alone, shows data from Colliers Romania. 

Service providers, including international property agencies, are bound to adjust their services to the rapidly changing demand from occupiers, developers and investors. Property Forum asked Kata Mazsaroff, the recently appointed Managing Director of Colliers Hungary to unveil her expectations about the commercial real estate market in the region and in Hungary in particular.

Due to strong Q1 activity, partially spilling over from last year, investment volumes for the first three quarters of 2022 totalled €7.5 billion. Year-end 2022 volumes could reach between €9.0 and 10.0 billion, reveals a report by Colliers.

Colliers has taken over the management of the Tensor office complex in Gdynia, owned by the joint venture of Czech open-ended real estate fund Investika realitní fond and Luxembourg private equity investor Bud Holdings. Experts from the company's regional office will additionally be responsible for supporting the owner in the property’s commercialisation.