Prague’s modern office stock located within a 10-minute walking distance from a metro station grew from 2.54 million sqm to 2.69 million sqm between Q4 2017 and Q1 2019, taking the amount of Prague offices located within this walking distance to 77% of the total stock, according to the third annual edition of the Prague Office Metro Map from Colliers International Czech Republic.
Prague’s total modern office stock grew from 3.34 million sqm to 3.51 million sqm during the period from Q4 2017 to Q1 2019. Almost 90% of this new construction was completed within the quoted 10-minute measure and that number will eventually increase once pedestrian accessibility to some new office properties is improved.
Given that expanding Prague Metro is one of the key elements of the city’s extensive integrated public transportation network, Colliers has mapped some key office data by looking at stock, office rents and vacancy within walking distance from the metro stations. Some other key findings of the report include:
- Current office pipeline under construction is 337,000 sqm, of which 320,000 sqm – or 95% – is within the 10-minute walking distance of a metro station.
- Vacant stock dropped from 250,000 sqm to 153,000 sqm during the past six quarters, while that within 10-minute walking distance fell from 185,000 sqm to 119,000 sqm.
- 3 metro stations have office of stock 10-minute walking distance exceeding 200,000 sqm – Pankrác, Náměstí Republiky and Křižíkova.
- The highest volume of office construction is concentrated around Radlická metro station, with some 42,000 square metres.
“Office development in the areas of Karlín, Radlice and Nové Butovice are the centres of the biggest volume of office space within a walking distance of 10 minutes from metro stations situated on Line B. In the future, construction of new offices in the areas around Vysočanská and Kolbenova will strengthen the position of Line B as “the office line”, given the availability of suitable land in the proximity of this particular metro line,” says Ondřej Vlk, Head of Research and Forecasting at Colliers International Czech Republic.