The transformation of Prague's Florenc quarter is progressing to the next phase. Penta Real Estate, in cooperation with the capital city of Prague and the city districts of Prague 1 and Prague 8, has announced four international architectural competitions for four blocks in the area between the highway and the Prague-Florenc bus station.

The Amadeus Real Estate Group is preparing to sell the Máj department store in the centre of Prague to Realita fund, managed by the investment company Atris, reports Seznamzpravy.cz.

For the first time in almost thirty years of Czech development group Crestyl, the person in the position of international CEO is changing. Simon Johnson, who has held the position of COO of the group for the past 14 years within Crestyl and also acted as executive director for the Czech Republic, is taking over the management of the entire group.

The offer of new residential buildings in Q3 2024 in Prague has decreased slightly, reports BuiltMind in its quarterly analysis of Prague residential segment. However, outlooks are optimistic, thanks to stable inflation and declining rates.

PSN has obtained the approval for building use of the Skyline project in Prague's Chodov with small residential units. The project has been developed as the reconstruction of a part of the Top Hotel. 

The Prague Development Company (PDS) has submitted a regular market valuation of its real estate portfolio in Prague of 757,000 sqm of urban land intended primarily for residential construction. 

According to Savills European Office Occupancy Rates Report, Prague has, for the first time since the pandemic, surpassed the 60% threshold for physical office occupancy, reaching 61% in October this year.

PSN has received the building use permit for the Ahoj Vanguard residential project in Prague's Modřany. The last units are currently available for purchase. The new owners are moving in at the beginning of 2025.

Despite a slight increase in vacancy, demand for new offices in Prague persists. However, companies still prefer renegotiations. Lease renewals are almost always accompanied by interior modifications leading to more efficient use of space, reports Prague Research Forum in its Office Market Figures for Q3 2024.

PSN has started the complete reconstruction of an apartment building in Prague 3 in Žižkov, where a total of 54 units will be created.