C&W STATISTICS: PRAGUE OFFICE MARKET Q1 2023
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The new supply reached 38,000 sq m in Q1 2023, finally surpassing the 5-year average, with more to come in the …
C&W Statistics: Prague Office Market Q1 2022
1 minute reading
The new office supply in 2022 is expected to exceed the relatively low level of the previous year. Leasing activity exceeded the five-year quarterly average. However, limited absorption of the newly supplied office space led to an increase in the vacancy rate in Prague. Rents increase in the city centre and some outer city locations driven by new projects.
- The total stock reached 3,750,600 sq m in March 2022. The share of A-class buildings in the whole office stock remained at the standard level of 73%. The highest quality AAA-class buildings accounted for over 17%.
- The single new completion in Q1 2022 includes a second phase of Harfa Business Center built by the developer Kaprain in Prague 9 district.
- Limited market absorption of the newly supplied office space led to an increase in vacancy rate in Prague in Q1 2022. The office vacancy rate increased from 7.8% at the end of 2021 to 8.4% in Q1 2022.
- 20 office and mixed-use buildings are currently under construction, accounting for 179,800 sq m of office space. Three more refurbishments started in the city centre in Q1 2022: 100Yards Na Příkopě, NR7 and Palác Schiller (Na Příkopě 9-11).
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