According to CBRE, KarlĂn has been Prague’s most favorite office location. Among nine office hubs located within Prague, KarlĂn is third (after Pankrác-BudÄ›jovická and the City Center) in terms of the size of area, but dominates the whole city in terms of take-up, i.e. total amount of space leased excluding renegotiations.
In the past four quarters, more than 55,600 sq m of office space was newly leased in KarlĂn, representing 32% of net take-up in Prague overall. Almost 20% of new tenants, relocating within stock or moving up from class C buildings, were attracted to the project River City (the first major new build development in KarlĂn) and moved their seats to either Danube House, Nile House or Amazon Court.
Also, six of the ten largest new leases of the past year were signed in KarlĂn, including the prelease of Economia at KarlĂn Hall I or the new lease of Equa Bank at Amazon Court.
Jana Prokopcova, Head of Research, further explains: “KarlĂn has been developing very fast mainly because landlords manage to provide high quality class A office space in brand new office buildings at competitive terms and conditions. However, the success of KarlĂn is also a result of the lack of available high quality class A office space in the city center and other inner city locations such as Pankrác and AndÄ›l.“
New development in KarlĂn
KarlĂn was the most active hub in terms of new supply last year. According to CBRE statistics, in the past year 6 new buildings totaling 71,900 sq m were completed in KarlĂn, including Futurama Business Park, Main Point KarlĂn, Keystone Office Building or River Garden Office I in which major companies such as Kooperativa, ADP or Unilever decided to move their headquarters. Other locations with the largest number of newly completed buildings were Pankrác-BudÄ›jovická and SmĂchov AndÄ›l, which together totaled the same number of completions as KarlĂn – six.
KarlĂn under construction
CBRE expects KarlĂn to strengthen its position as the third largest office hub in Prague. “There are currently two buildings under construction, the first and the second phases of KarlĂn Hall, but we expect further developments to start in the near future in this location as there are already numerous projects having a building permit, e.g. the next phases of Corso KarlĂn, Futurama or River Garden”, Jana Prokopcová adds.
