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C&W Statistics: Prague Office Market Q4 2021
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The office new supply was the lowest in 2021 since the last five years, as the ongoing pandemic forced both office developers and tenants to postpone their decisions. Demand for offices increased by 6% year-on-year, although it keeps below the pre pandemic level. The period of extensive work from home seems to be over, as companies realize the importance of an office as a workspace. Many firms also left the strategy of sub leasing the free space within their offices. The vacancy rate growth halted in the end of 2021, but it remains relatively high.
- The total stock reached 3,730,700 sq m (*) at the end of 2021. 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 Q4 2021 includes a smaller project Viktoria Office Center (1,720 sq m), built by CTR Holding in Prague 3 district.
- 17 office and mixed-use buildings are currently under construction, accounting for 193,900 sq m of office space.
- The districts with the highest volume of leased space in 2021 were traditionally Prague 4, Prague 8 and Prague 5, accounting for almost two-thirds of the total demand.
Download here – MarketBeat Q4 2021
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