The vacancy rate on Prague’s office market decreased to 4.3%, down 80 basis points in comparison with the revised results of Q4 2018. The Prague Research Forum announced the office market figures for the first quarter of 2019.

Every year, Property Forum and RICS gather leading decision makers of European property markets at Prague Property Forum to discuss the future of our industry. CEOs, influential investors, bankers, developers, fast-growing proptech start-up founders, architects and valuers will come together on June 4, 2019, at the Cubex Centre in Prague to analyse the potential of the Czech property market from a global perspective. The conference, this year organized for the third time, has attracted highly respected speakers from the Czech as well as European property markets, some of them being present in Prague for the first time.

Following the recent takeover of the Sugarmaker Palace, UBM Development is preparing another large project, namely the Astrid Garden multifunctional complex, consisting of two parts – Astrid Offices and Astrid Residences. In the first stage, a five-storey office building will be constructed, followed by a residential complex of about 110 units the sale of which will be launched in the third quarter of 2020. The architectural form was designed by Bogle Architects, emphasising not only the modern look, lightness and airiness, but also the sensitive setting in the typical character of Holešovice.

DBK, a Czech retail specialist, has acquired a majority share in Europark – Štěrboholy, a shopping centre in Prague 10 from Austrian developer, SES Spar European Centers.

JLL has provided space for 2 new branches of the international provider of co-working offices Spaces. In November this year, Spaces open in the low-energy building Nile House in Karlín, where they will occupy more than 3,500 sqm. One month later, they will take over 3,300 sqm in the SmíchOFF office building in Prague 5. At the same time, Spaces announced its first location in Hungary. The co-working operator will move into GTC White House in Budapest in Q4 2019. CBRE acted as adviser to the deal.

Penta Real Estate has sold the 80,000 sqm office component of the Waltrovka complex in Jinonice, Prague 5 to Munich-based real estate fund manager GLL Real Estate Partners (GLL), a member of Macquarie Group, acting together with LB Asset Management on behalf of South Korean investor Hanwha Investment & Securities in a transaction worth over €250 million.

Prologis has begun a build-to-suit project totalling 9,817 sqm at Prologis Park Prague-Airport for CERVA GROUP a.s., a leading Czech producer of protective personal equipment and workwear.

There are already 57 centres in Prague that offer flex space. There are 37 providers in the city and most centres can be found in Prague 1. On average, the price of a fixed workplace is CZK 4,800 per month (excluding VAT). JLL, a real estate consulting company, confirmed in its latest report that the trend of flexible spaces is increasingly influencing the Prague office market.

Cushman & Wakefield assisted Generali Real Estate in the acquisition of Palác Špork, a unique scheme in Prague 1. The seller is SEBRE, a.s. The price remains undisclosed. The agreement was signed on 11 March.

Avenir E, a Class A office building located in the established office hub of Nové Butovice, Prague 5 has been acquired by Investika. The seller, Redside, was represented by JLL.