The Prague 14 municipal district has managed to start construction on a 30-year neglected area near the Černý Most metro station. It was only possible when the municipality took over the area affected and was able to improve it. This finally began to happen in mid-September this year, when the construction of a new modern multifunctional building started on the site. What is new is that the Prague 14 councillors at their December meeting approved the conclusion of a contract for the construction and financing of the building with the company Dostupné bydlení České spořitelny (Affordable Housing Česká spořitelna, DBČS). The latter will invest CZK 200 million (€8.156 million) in the project. The total cost of the project is estimated at €25.7 million.

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.

Penta Real Estate is selling the fully occupied coworking centre "Base", which is part of the Churchill office complex in Prague 2, to Scott.Weber Workspace, a company continuing its expansion in the Prague flexible office market. Neither party would comment on the size of the deal, online daily newstream.cz reports.

In Q3 2023, the Prague office market grew by more than 60,000 sqm of modern offices. This was the best result since mid-2020. No further similar peak is expected in the next three years at least, as no new construction has started for more than a year. Although investors are placing increasing emphasis on the sustainability of buildings, benchmark rental prices are not changing fundamentally, while landlords are trying to attract more generous allowances or longer lease holidays, Colliers reports.

The Czech Office for the Protection of Competition has allowed the investment group Penta to buy (through Penta Real Estate) the company ČSAD Praha Holding, which owns the Florenc bus terminal and adjacent land in the capital. The office announced this on its website. The companies did not disclose the price of the transaction, ČTK reports.

Geosan Development has completed the construction of the Residence Neklanka 2 project in Prague 5 near Anděl. The residence comprises three vila-domes located in a garden on the border between the original residential development and the forest in Radlické údolí, Geosan Development announced.

In this year's 33rd edition of the Cushman & Wakefield Main Streets Across the World ranking, the Czech Republic ranked 19th. The survey compares nearly 50 countries around the world by the level of retail rents on the most expensive shopping street in each country, and for the second time the Czech Republic is represented by Paris Street. It ranks 19th among the world's most expensive shopping streets, 11th in Europe and first in the CEE region. The highest rent achieved in Pařížská, as of the third quarter of this year, is €2,700 per sqm per annum, i.e. approximately €225 per sqm per month. 

The Zleep Hotels brand continues its international growth in Europe with the opening of the new 166-room Zleep Hotel in Prague, Deutsche Hospitality's first hotel in the Czech Republic. The hotel opened its doors in the new Waltrovka quarter in the southwest of the Czech capital just a few minutes walk to Radlicka metro station

Penta Real Estate has acquired unused land in Florence from České dráhy for CZK 234 million (€9.565 million). A new district is to be built on the brownfield site near the main thoroughfare, which will seamlessly connect to two buildings near Masaryk railway station, newstream.cz reports.

Higher construction costs and the unfavourable economic situation in Europe are impacting the future development of new offices in the region, especially in capital cities like Prague, Bratislava, Budapest and Bucharest.