Publication

Market in Minutes | Prague Office Market Q3 2023

Article

Contacts & Related Research

OFFICE MARKET HIGHLIGHTS

  • During Q3 2023, the total stock of modern office space in Prague increased to 3.91 million sq m. The share of Grade A offices still stood at 74%.
  • A total of nine new buildings and one refurbishment were completed so far this year. The total floorspace area of new deliveries totalled 98,400 sq m, being 47% higher compared to the same period in 2022.
  • From the previous quarter, vacancy rate in Prague rose from 7.0% to 7.4% and represented 289,200 sq m of immediately available office space. Compared to Q3 2022, office vacancy rate is down by 37 bps.
  • After three quarters, year-to-date gross take-up stands at 361,300 sq m (only 7% down y-o-y) and lease renewals accounted for almost 50%. Net year-to-date office demand amounted to 176,100 sq m, demonstrating a 23% drop y-o-y. The Technology/IT sector again ranks as the most active, accounting for 13% of year-to-date net take-up, indicating the continued growth of this sector and its significant importance to office demand. A similar share (12%) was also represented by tenants from the Pharmaceutical sector. 

Read the full report to find out more