ARTICLES LABELLED WITH TAG Czech Republic

Marek Blaha, Head of affordable housing developer Dostupné bydlení České spořitelny, talked to Property Forum about the necessity of expanding the overall availability of housing in the Czech Republic. According to him, one of the strategies to solve such a problem could lie in augmenting the proportion of rental housing and this could be supported by the cooperation of banks, municipalities and developers.

Českomoravská nemovitostní has acquired a quarter stake in the Churchill Square office complex in Prague near the main railway station for CZK 1 billion (€41 million). It has thus become the majority owner of the complex. The seller was a holding from Lebanon, reports the daily e15.cz.

It is anticipated that the market will experience the transition from being perceived as a problem to an opportunity for many investors and funds in 2024. CBRE summarised this year's developments in the Czech commercial real estate market and provided an outlook for 2024. 

Logistics developer CTP has built a new coworking centre named "Clubco' in the IQ Ostrava complex on Náměstí Republiky where the company Tietoevry was previously located. The premises are suitable for small and medium-sized companies, as well as corporations or freelancers. Up to 130 people can work together in 1,512 sqm of office space.

In 2024, PSN will begin a two-year reconstruction of the famous functionalist building in the centre of Pardubice. The first republican Grand Hotel, which served as a shopping centre for over 20 years, will now be transformed into a modern shopping centre with full preservation of the original legacy of the architect Gočár. The renovation is expected to cost €12.331 million, PSN estimates.

According to Savills, about half (51%) of European investors plan to invest in co-living developments in the next three years, and, compared to 2022, co-living projects are where investor interest has grown the most. Market players, including Lithuania-based investor Baltic Asset Management, see big potential for projects of this type in the Czech market as well. The company’s CFO, Dalius Kaveckas, shared his insights with Property Forum.

Savills has negotiated a pre-lease of warehouse space for Flosman, a Czech company engaged in the retail and wholesale of food and pharmaceuticals. The lease covers 8,000 sqm of warehouse and almost 600 sqm of office space in the CSPPark Planá NL project (in Southern Bohemia). The hall is planned to be operational in the third quarter of 2024. 

ČEZ Esco and CTP have launched a strategic cooperation in the field of modern energy and renewable energy. They intend to equip the roofs of selected CTP parks with photovoltaic power plants in the coming years. The first joint photovoltaic plant with a capacity of 2 MW has already been built in CTPark Prague East in Nupaki near Prague on the roofs of the halls where the logistics company Raben is located. A test run of this rooftop PV system is currently underway. New power plants are also being built at CTParks in Chrášt'any near Prague, Hradec Králové, Brno, Ostrava and Cerhovice near Hořovice. The companies are considering extending their cooperation to other areas of modern energy.

Mitiska REIM has announced the opening of its new retail park development in České Budejovice in Southern Bohemia. The new Czech retail park was developed in partnership with local partner Asset Services.

CTP has so far concluded lease deals with a total area of over 400,000 sqm for space in industrial properties in the Czech Republic in 2023, including more than 10 lease contracts for premises larger than 10,000 sqm. The largest transaction was a contract to renew the lease of almost 54,000 sqm of space in CTPark Bor. The developer continues to build new industrial space across the Czech Republic and is confident that the Czech industrial property market will continue to grow.