OFFICE MARKET HIGHLIGHTS: Q1-Q3 2021
- Total modern office stock in the city stayed at 3.74 million sq m at the end of Q3 2021.
- In the first three quarters of 2021, the Prague market saw completion of five new developments and two refurbishment projects. The office inventory therefore increased by 54,700 sq m, showing a 58% year-on-year (y-o-y) drop in new office supply.
- Office vacancy rate in Prague increased to 8.0% (up by 80 bps y-o-y) and corresponded to 298,400 sq m of immediately available premises.
- Year to date, 283,200 sq m of leases were signed (21% up y-o-y), with Q3 being the most active for the year. This noticeable recovery of leasing activity indicates a gradual return to the pre-pandemic numbers.
- Net demand recorded in the first three quarters of 2021 totalled 154,500 sq m and demonstrated a 25% growth y-o-y. The share of net take-up on the total tenant activity recorded during this period stood at 55%.
- Although net absorption for the first three quarters of 2021 posted a positive figure of 17,800 sq m, it stands well below the 65,100 sq m recorded in the same period of 2020.
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