The companies Barny’s and Alavis will be moving into 1,500 sqm of space at P3 Prague D8 on the northern edge of Prague. The companies are part of the Pharma United Canada group. Two-thirds of the total space it’s leasing (1,000 sqm) will be used for storage while the remaining 500 sqm will be used for administrative operations. Other tenants of the space including the internet retailer Alza along with VF Corporation. Barny’s is the exclusive distributor of Pharma United Canada’s food supplements (like Celadrin or Inocell) in the Czech Republic.
Tomáš Míček, P3’s director for the Czech Republic, says the developer fixed up the space (which was already built) to meet the tenant’s need for high qaulity storage space and increased connectivity to run its e-shop. “The reason we’re moving to P3’s park is expansion,” says Martin Motejl, a representative for both Barny’s and Pharma United Canada’s.
Real estate price growth hasn’t stopped in the Czech Republic, but its pace appears to be slowing. Novinky.cz reports that whereas last year at this time, prices were rising by 8.4 percent annually. Today, it cites a Eurostat report claiming has slowed to 7.7 percent. One of the reasons for this are regulatory brakes set by the Czech National Bank which has begun making qualifying for mortgages more difficult and raising interest rates. But the news server reports that there is also a growing feeling among the public that Czech real estate prices are getting out of control. “Czechs are afraid taht the price of property have gone too high and they don’t want to get burned buying at bad prices. This unnerves and freezes things on the supply side,” says Lukáš Kovandy, chief economist of Cyrrus Lukáš Kovanda.
