Another new residential building, Oliva, built by Passerinvest in Prague Brumlovka, was approved in December. The first residents will start moving into the 72 flats in the first quarter of this year, the developer announced. 

The commercial real estate investment market in the Czech Republic is stagnating. Analysts see the year 2023 as a challenging year. However, the market was dominated by domestic capital last year and there is still a mismatch in the expectations of buyers and sellers, according to a Knight Frank report.

Zeitgeist Asset Management has signed a lease agreement for 2,600 sqm of premium space in Prague's Dunaj Palace with the Czech Representation of the European Commission and the European Parliament Liaison Office. It will include a visitor center for the public. Approval of the reconstructed palace should be in 10 months. The lease agreement is signed for 15 years, Zeitgeist announced.

All apartments in the AFIHome Třebešín rental project in Prague 3 are now fully leased. All tenants of 61 apartments have also moved in, AFI Europe has announced. 

AFI Europe has completed its third rental housing project in Prague this year. AFIHome Kolbenova, the first apartment building in the new multifunctional district AFI City in Prague 9, has now been approved.

Some developers forecast that sales prices will increase in the future purely as a result of the zero-emission requirements currently being placed on buildings but there is no consensus as to what the ultimate effect will be. Robert David, Partner and Tomáš Kren, Senior Associate at Wolf Theiss’ Prague office talked to Property Forum about the increasingly important role ESG compliance plays in real estate transactions and potential regulatory changes that can affect the market.

The Managing Director of JLL Czech Republic expects a fairly quiet year in 2023 in the investment market. But in the industrial market, next year should be a strong one due to continued steady demand, says Andrew Peirson in an interview with Property Forum.

Following the previous financing of four phases of the Dock In Office Park in Prague, Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €63 million to refinance “Dock In Five”, the last addition to the Dock project developed by Crestyl Group. pbb and Helaba acted as joint lead arrangers and provided equal portions of the funding; pbb also acts as the facility and security agent for the transaction.

Logport Development and Invesco Real Estate have teamed up and, via a forward funding structure, committed to developing a 37,900 sqm Grade A last-mile logistics facility, Logport Prague West, strategically located adjacent to the Prague ring road. The transaction was mediated by Cushman & Wakefield. Logport Prague West, where construction started in September 2022, has already attracted the first tenants to move in during the summer of 2023. The entire commercial zone is scheduled for completion in Q1 2024.

How will the current macroeconomic situation affect investment activity and further development within individual sectors, from offices to industrial and logistics complexes to retail real estate? All this is shown in CBRE's latest analysis of the Czech commercial real estate market, which also provides an updated outlook for 2023.