Explore Offices to Let in Prague
Office take-up in Prague reached unprecedented levels in 2011, but the same pace could not be maintained into 2012. Performance, though, was still strong across the market, with take-up down 16 per cent in 2011 but 9 per cent above the 10-year average for the city.
Knight Frank’s latest report on the Czech capital’s office market pointed to the pre-leasing of 172,222 sq ft at a site called City West by the telecoms giant Vodafone as the biggest single office deal to take place in Prague last year.
Vacancy rates across the market were at 11.9 percent at the end of 2012, the same as they were at the end of the previous year. According to Knight Frank’s numbers, the cost of renting prime offices in Prague was almost unchanged from the end of 2011.
“Healthy demand for high-quality office space helped to keep prime headline rents stable throughout the year, but asking rents have been reduced at some buildings with long-term vacancies, and significant incentives remain available from landlords,” explained Matthew Colbourne, international research associate at Knight Frank London.
Knight Frank’s Prague Office Market Report also noted that the city will add more than a million square feet of new office space over the course of 2013. Among the largest in-development projects in Prague at present is the Florentinum, which is scheduled to deliver more than half a million square feet of offices before the end of the year.
Editor’s notes: In a report published in January 2024, the Prague Research Forum stated that, in 2023, net take-up stood at 236,100 square metres – 18% lower compared to the previous year and 12% below the 10-year average