by Property Forum
The demand for office space in Prague increased by 29% quarter-on-quarter for the first quarter of 2021 and by 44% year-on-year. Although the largest transactions of the quarter were lease renegotiations – including Seznam.cz (14,800 sqm) in Palác Křižík in Prague 5 or MSD Czech Republic (6,800 sqm) in Riverview in Prague 5 – the share of newly leased space increased to 58%. The increase in newly leased and pre-leased space indicates confidence and healthy growth of the Prague office market. Despite the fact that leasing activity posted record numbers, the vacancy rate rose by 60 basis points quarter-on-quarter to 8.4%. JLL recorded an increase in vacancy rates in almost all Prague districts, as announced in the last report.
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