Prague's office market has witnessed several records this year: the lowest annual office supply in history and one of the highest demand volumes. By the end of 2016, Prague´s office market will have 3,245,000 sqm of modern offices. At the same time, the Czech capital recorded the lowest annual office supply in history with only 33,600 sqm in 6 projects, On the contrary, over 180,000 sqm of new office space will be delivered to the Prague market next year.
„Such a low supply of modern offices in a booming economy is the result of an unpredictable approval process of new schemes in Prague. Endless debates around the metropolitan plan and the overall uncertainty in the building permit process only highlights the unpleasant status quo." says Eduard Forejt, Business Development Director at JLL. At the same time, there is strong demand for quality offices in Prague. In the first three quarters of 2016, gross demand reached 316,000 sqm which means one of the best results in the last ten years. Prague 5 (28 % market share), Prague 4 (21 % market share) and Prague 1 (15 % market share in the overall take-up) were the most sought-after city districts.
