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C&W statistics: Prague Office Market Q3 2021
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Companies are careful with their moving or expansion plans and certainly try to optimize their costs. With the experience of more extensive working from home during the first wave of the pandemic, employers are now considering more flexible working schemes together with a higher number of shared desks resulting in lower demand for office space in general. This is evident from the lowest quarterly net demand in the last decade together with the growth of the available space for sublease. On the other hand, current vacancy rate still keeps relatively low, as we recorded a high volume of renegotiations and new supply is reasonable.
- Total stock reached 3,728,000 sq m at end of Q3 2021. A-class buildings accounted for 73% of the total modern office area.
- Only 1,690 sq m of new office space was delivered to the market in the third quarter of 2021, adding to 53,300 sq m completed since the beginning of the year. The new supply year-to-date decreased by 58% comparing with the same period last year.
- Vacancy rate kept increasing in Q3 2021, reaching 8.0% on average at the end of the third quarter. Currently, there is about 298,400 sq m of vacant office space in Prague.
- 18 office and mixed-use projects are currently under construction, accounting for 172,800 sq m of office space. Only about 12,900 sq m should be completed by the end of 2021, additional 70,100 sq m are planned to be delivered in 2022.
Download here – MARKETBEAT Q3 2021
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