The coronavirus pandemic significantly affected office work. According to the Prague Research Forum, the share of vacant office space in the total supply in Prague increased from 6.98% at the end of 2020 to 7.6% in Q1 2021. The vacancy rate increased by 220 basis points year-on-year and reached the highest value since 2 quarter of 2017. However, not all office centers have struggled with the outflow of demand in recent months. At the time of the coronary crisis, both the landlords’ approach to their tenants, who eventually got into trouble, and the famous ratio between quality and price played a key role. And in these respects, Class B offices often came out victorious. For example, Nagano Park, an administrative complex in Prague 3 – Třebešín, under the management of Geosan Development, recorded an increase in occupancy from 89.95% in February 2020 to the current 93.94%. New tenants include, for example, the state-subsidized organization Service Facilities for the Ministry of the Interior or Advande Labs.
“Not only has no tenant left us in recent months, but on the contrary, several new leases have been concluded. In total, we leased another 2,980 sqm of office and warehouse space during the coronary crisis,” comments René Bartoník, Nagano Park Administration Director
Bartoník added, “Our tenants especially appreciate the friendly approach to their individual needs. For example, to one of our newest tenants, the pharmaceutical laboratory Advande Labs, we were able to meet their demanding requirements for the quality of air conditioning and refrigeration. In cooperation with another tenant, we are preparing the installation of charging stations for electric cars for a change.”
The Nagano Park office complex with a total leasable area of 26,000 sqm was built in 1999 and has recently been modernized. The complex includes four office buildings and a data center. The building is located in a commercial area of Prague 3 near metro A Želivského and next to flexible office space class B offers storage space and a large guarded parking lot. Services include a shared reception, two restaurants, a fitness center, free shuttle bus service and 24-hour property manager services.
