Explore Offices to Let in Prague
Office take-up in Prague reached unprecedented levels in 2011, but it could not be maintained into 2012. Performance, though, remained strong across the market, with take-up down 16 per cent in 2011 but still 9 per cent above the city’s 10-year average.
Knight Frank’s latest report on the Czech capital’s office market pointed to the pre-leasing of 172,222 square feet 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 11.9 per cent at the end of 2012, the same as 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 is the Florentinum, scheduled to deliver more than half a million square feet of office space 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 per cent lower compared to the previous year and 12 per cent below the 10-year average.
In July 2026, Savills reported that total modern office stock in Prague reached 3.95 million square metres by the end of Q2 2026, up 29,400 square metres in the first half of the year (H1).
While new completions nearly doubled the unusually subdued delivery volume recorded in H1 2025 (15,300 square metres), they remained 33 per cent below the five-year H1 average.
The continued shortage of new supply has kept market conditions tight, with limited development activity remaining the primary factor anchoring vacancy below 6 per cent.
Office occupier activity reached 229,000 square metres in H1 2026, representing a 9 per cent year-on-year decline and an 11 per cent decrease compared with the five-year H1 average.
Lease renewals drove gross take-up, accounting for 64 per cent of gross take-up, the highest share ever recorded in the market’s H1 statistics.
Net take-up totalled just 78,400 square metres in H1 2026, accounting for 34 per cent of total demand. As a result, net demand declined 50 per cent year-on-year and remained 45 per cent below the five-year H1 average, reflecting subdued expansion demand despite otherwise healthy occupier activity.
The IT & Technology sector drove the strongest new demand, accounting for 35 per cent of net take-up in H1 2026, while Prague 8 attracted the largest share (29 per cent), followed by Prague 4 (25 per cent).