The share of vacant office space in Prague at the end of September rose by one percentage point year-on-year to eight percent. Compared to the end of June, it increased by 0.2 percentage points. There were a total of 298,400 square meters of vacant offices in Prague. This follows from current data from the association of real estate consulting companies Prague Research Forum (PRF).
Most office space was vacant in Prague 4, at 7.7 percent. This was followed by Prague 5 with an vacancy rate of 9.4 percent. The lowest number of vacant offices was in Prague 2 with a share of 3.8 percent and in Prague 10, where the share of unoccupied office space was 6.3 percent.
No large office buildings were completed in the capital in the third quarter, leaving the total volume of office space at 3.73 million sqm. From July to the end of September, the construction of three new buildings began. The Nová Waltrovka project in Prague 5 includes the Legatica buildings with 8,300 sqm and the Metalica buildings with 18,000 sqm. The third project launched is Red Court with 7,100 sqm near Rustonky in Prague 8.
The area of leases for which leases were concluded or extended increased by 23 percent year-on-year to 103,700 sqm in the third quarter. Compared to the second quarter, it increased by 17 percent. The area of the largest published transaction in the third quarter of 2021 was a pre-negotiated lease of 6,000 sqm by Nationale Nederlanden in the Zlatý Anděl building in Prague 5, followed by a renewed 3,500 sqm lease in the Hadovka Office Park building in Prague 6. The largest new lease was 3,300 sqm in the building, Balabenka Office Building in Prague 9 for Zásilkovna.
The highest achieved rent in the third quarter did not change and in the city center ranged between 22 and 22.50 euros (565 to 578 crowns) per square meter per month. In the inner city it remained at 15.50 to 17 euros (398 to 437 crowns) and in the outer city it stagnated at 13.50 to 15 euros (347 to 386 crowns) per square meter per month.
PRF members are CBRE, Colliers International, Cushman & Wakefield, JLL and Knight Frank.
