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 Q2 2021
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The drop in GDP growth caused by the supply chain and the consequent automotive industry crisis may further affect the market. Only about 53 thousand sq m of new office area were delivered to the market year-to-date, leading to the lowest annual supply in 2021 since 2016. On the other hand, the leasing activity in Q3 increased by 17% q-o-q, although the annual demand will probably not reach the 10-year average.
- Total stock reached 3,735,000 sq m at end of Q2 2021. A-class buildings accounted for 73% of the total modern office area.
- A total volume of 49,500 sq m of modern office space was delivered to the market in the second quarter of 2021, adding to just 3,500 sq m completed in the previous quarter. The new supply in the first half of the year thus decreased by 64% comparing with the same period last year.
- Vacancy rate kept increasing in Q2 2021, reaching 7.8% on average at the end of the quarter. Currently, there is about 291,000 sq m of vacant office space in Prague.
- 16 office and mixed-use projects are currently under construction, accounting for 147,300 sq m of office space. Only about 14,600 sq m should be completed by the end of 2021, additional 77,000 sq m are planned to be delivered in 2022.
Download here Q2 2021 MARKETBEATU.
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