- Developer activity is still below pre-pandemic levels: there is about 145,000m2 of office space under construction.
- No new projects have started construction in the last nine months.
- The vacancy rate fell by 75 basis points year-on-year to 7.5%.
- The gross realized demand reached 137,800m2, 45% of the volume represented renegotiation of existing contracts.
- The highest rent achieved rose slightly to EUR 27.00 perm2 per month.
The Prague office market is experiencing a significant decline in new supply: no new projects have started construction in the last nine months. Moreover, we expect only one or two developments to be launched by the end of 2023.
Total take-up reached 137,800sqm in Q1 2023, an increase of 3% year-on-year. Office vacancy fell from 7.7% in Q4 2022 to 7.5% in Q1 2023.
Source: pragueresearchforum.cz
