Prague Research Forum: only minimum construction this year
The total area of office spaces in Prague has exceeded 2 691 square metres at the end of the fourth quarter. It consists of 71 % newly completed and 29 % quality renovated areas; buildings of class A account for 67 % and B class buildings for 33 % of total area. A total of 161 700 m2 new office areas were marketed since the start of 2009; 61 200 m2 in the fourth quarter. Major completed projects in this period were building B1, B2 a B3 in the City West complex with the area of 43 585 m2 (Prague 5) and the Prague Marina Office Center project with 13 584 m2 (Prague 7). Approx. 33 700 m2 of new office spaces should be completed in Prague in 2010. The gross realized demand, including renegotiations and leases reached the volume of 101 600 m² in the fourth quarter of 2009; a double compared with the previous quarter and a year-on-year increase of 88 % in comparison with fourth quarter of 2008. A total share of renegotiations of lease contracts and sub-leases in the gross demand realized in fourth quarter of 2009 accounted for 39 %; 35 % in the entire 2009. The vacancy rate has risen to nearly 12 % in the fourth quarter from 10,4 % at the end of third quarter of 2009. The highest vacancy rate at the end of 2009 shows Prague 7 (23,8 %) together with Prague 9 (20,2 %). Lowest vacancy rate was in Prague 10 (8,5 %) and Prague 4 (8,7 %).
The highest rent reached in the fourth quarter of 2009 remained steady. It lies at around EUR 20–21/m²/month. The rent remains at EUR 15–17,50 in the inner city area; outer city level is at EUR 12–14 /m²/month.
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