PRAGUE OFFICE MARKET Q1/2024

Prague Office Landscape Remains Steady with Emphasis on Lease Renewals

In Prague's office market, stability endures, with occupiers favoring lease extensions over relocations, emphasizing flexibility for swift market response. Notably, businesses migrate towards central locales to encourage return to in-office work. By Q1 2024, Prague's modern office stock reached 3.9 million sq m, with notable completions like Roztyly Plaza (21,700 sq m) and launches such as PernerKa (9,300 sq m). Construction activity remains subdued, with an 18% decrease in anticipated new supply compared to 2023. Despite a 35% quarterly drop, the technology and finance sectors drive demand, especially in Prague 4 and Prague 8. The vacancy rate slightly rose to 7.5%, yet prime rents saw only marginal increases citywide, reflecting market resilience. High-quality office spaces continue to attract businesses, comprising the majority of the city's office offerings.

PRAGUE OFFICE MARKET Q1/2024

Prague Office Landscape Remains Steady with Emphasis on Lease Renewals