Prologis announced that it has signed two new lease agreements totalling 12,100 square metres at its second speculative development at Prologis Park Prague-Airport. The park is now 100-percent leased.

Paris claimed top spot in Colliers International’s Hotel Investment Attractiveness Index, an analysis of the investment climate of 20 European cities, despite predictions that investors and tourists would lose faith in the city due to political uncertainty and the perceived threat following various national security breaches. Prague was ranked in 10th place in the index, boosted by the low level of development costs and high number of tourist arrivals.

Resilient European economies, the continued popularity of Mediterranean leisure destinations and Europe’s importance for business travellers, should drive hotel occupancy and revenues in 2017, according to the latest PwC European Cities Hotel Forecast. Most European cities, including Budapest and Prague, are expected to see additional revenue growth in 2018.

Spanish investment fund, Azora Europa l, has sold Galleries Louvre, their prime office property in Prague 5, to Redstone Real Estate, a private equity platform. The counterparties agreed not to disclose the price. The property is a mid-sized office building offering approximately 4,800 sqm of prime administrative space and is fully and long-term let.  

Skanska has acquired land in Prague, Czech Republic, from Codeco UK. The total investment amounts to CZK841 million (app. €31.1 million).

Commerz Real, a subsidiary of Commerzbank, has purchased a historical office building, " Na příkopě 33" in the centre of Prague for its open-ended real estate fund HausInvest. The seller is Komerční banka, a subsidiary of Société Générale. The transaction price has not been disclosed.

P3 has completed the first two warehouses at P3 Prague D11, developed partly on a Build-to-Suit basis for Exiteria and FM Logistic, comprising a total of 60,000 sqm. The warehouses are among the largest buildings planned for the park and account for over a third of its total size.  The rest of the site can accommodate eight further warehouses ranging from 3,000 sqm to 26,000 sqm. After completion, P3 Prague D11 will provide a total of 155,000 sqm.

Skanska Property Czech Republic is expanding its portfolio by completing the acquisition of a plot with a former car repair shop from M2 Real Estate Group, located in the Karlín area of Prague. Skanska plans to build a modern office building called Praga Studios on the property.

Peakside Capital has completed the acquisition of Argo Alpha, a Prague office building comprising 12,600 sqm of GLA. The transaction price has not been disclosed. 

Office tenants can look forward to a new supply of administrative space that is going to be delivered to the Prague market in 2017 and 2018. Last´s year paradox, when the economy was booming and the market registered a robust demand for new office space, but the amount of new completions dropped to a historical low, is forecast to be cleared out in the months to come. Currently, there are 330 000 sqm of new offices under construction in Prague out of which approximately half (171 000 sqm) is expected to be delivered this year. JLL looked at the largest office submarkets of the Czech capital in detail.