A total of 55,200 sqm of new space has been added to the Prague office market in the third quarter 2015 in four projects. Aviatica (23,100 sqm) in Prague 5 and Corso Court (16,900 sqm) in Prague 8-Karlín were the new completions, while reconstructions were finalized at B3 Pankrác in Prague 4 (11,500 sqm) and Aero House (3,700 sqm) in Prague 8. The work brings the city’s total modern office stock to 3.19 million sqm, according to the most recent report by the Prague Research Forum.
Construction started on two new projects: Five! (14,200 sqm) in Prague 5 and on the third phase of Futurama (9,100 sqm) in Prague 8. In 2015, PRF expects completion of 186,000 sqm of new office space, of which 157,000 sqm has been already completed. The third quarter gross take-up (which includes renegotiations and subleases) amounted to 92,400 sqm — a decrease of 32 percent q-o-q and only a 2-percent increase y-o-y.
The most significant transactions of the third quarter of 2015 include the renegotiation of Novartis in Gemini B (11,200 sqm) in Prague 4, followed by new leases from CPI at Quadrio (6,200 sqm) in Prague 1 and Commerzbank at Charles Square Centre (3,500 sqm) in Prague 2. Vacancy decreased by 0.4 percent to 16.4 percent in Q3 compared to the previous quarter, while rents remained flat, with prime headlines in the city center between €18.50 and €19.50 per sqm/month, and in the suburbs for between €13 and €14.50.
