PRF: Prague has 315 500 m2 of vacant offices
According to the Prague Research Forum (PRF), the total area of office space in Prague was nearly 2,7 mill. square metres at the end of the first quarter. This space includes 71 % of newly completed and 29 % of reconstructed areas. The A-class buildings account for 67 % and B-class buildings for 33 % of the total area. No office building was completed in the first quarter, for the first time since 2006. Completion of roughly 55 000 m2 of new office areas is expected during 2010.
Gross executed demand including renegotiations and leases reached the volume of 48 940 m² in the last quarter, this is a decline of more than a half compared to the previous quarter. However, it is an increase of 21 % compared to the first quarter of 2009. The total share of lease contracts renegotiations and subleases on the gross executed demand was 58 % in the first quarter of the year, whereas during the previous and the first quarter of 2009 it was equal at 39 %.
The vacancy rate in the first quarter of 2010 reached 11,8 %. A total of 315 500 m2 of vacant office space is recorded in Prague. The highest vacancy rate was again recorded in Prague 9 (25,3 %) and Prague 7 (24,6 %). The lowest vacancy rate was again in Prague 10 (8 %) and also Prague 3 (8,24 %). The highest realised rent has not changed in the city centre in the first quarter of 2010, where it remained at EUR 20 – 21 per square metre, as well as in the inner city. The rent in the Pankrác areas oscillated around EUR 15 – 16 whereas it reached EUR 17,5 per square metre a month in the Anděl and Karlín areas. The rent most frequently reached in the outer city has increased slightly to EUR 13 – 14,5 per square metre per month.
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