For this edition we spoke with Václav Bouček, Commercial Director for J&T REAL ESTATE CZ, a.s. (JTRE), a market leader in real estate development and a key developer, thanks to the scale and quality of projects throughout the real estate market.

The company´s success is built on extensive know-how and practical knowledge of all real estate market and business cycle aspects. JTRE is active in many segments of the real estate market including for example multifunctional projects, administrative, residential, hotels and others.

We have met Václav in JTRE newly built administrative complex Rustonka: 

Q1) What particular client request has most surprised you during your career?

Recently, at J&T REAL ESTATE, a requirement of one of global retail café-chain operator to receive such rent reductions and other incentives that our ‘rental income’ for the lease period would have been zero. 

Q2) Rustonka has filled with the tenants quite quickly. What is the current occupancy level of the project and, in connection with this, what are JTRE’s further plans?

To date, we have signed rental contracts for 99% of all office rentable areas with last small office unit under legally binding heads of terms and around 97% of all retail units, with only two small units left, where nevertheless we communicate with last retail prospects.

Tenants are very interested in the Karlín area. We are currently building another building close by for one single tenant with about 17,000 sq m of leasable area. The estimated complexion and their move-in is planned in the second half next year. We strongly believe in this location and are planning further projects here, to be completed by from 2022 onwards.

Q3) What does JTRE think about the current boom of co-working and shared offices? 

The amount of premises leased to co-working operators not only in Prague recently significantly increased, at an almost ‘scary’ pace. At Rustonka, with total volume exceeding 42,000 sq m of leasable space, we have also secured a lease agreement with one of the operators, whose share of the leasable space at Rustonka will be less than 4%.

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