According to Savills' research, the demand figures for premium office space in the first half of 2023 have started to vary significantly across Europe compared to the five-year average, Luxembourg saw a 137% increase, Oslo a 22% increase and Prague a 13% increase, while Lisbon, Dublin and Budapest saw declines of 62%, 42% and 21%. However, demand is facing a shortage of modern office buildings, especially in well-served locations. Moreover, no developer has started construction of an office building in Prague for more than 12 months. In addition, most of the projects that started with the construction earlier (e.g., Masaryčka) are already significantly occupied. On the contrary, the positive news for those interested in new offices is that up to 195,700 sqm of new office space could be built in Prague by the end of 2025, of which 143,600 sqm is already under construction, says Savills in its analysis.
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