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Prague residential market - overview

Real Estate and Consulting Company Professionals s.r.o. informs about the state of the Prague residential market in 2017.
In line with long-term declining trend in number of issued building permits in Prague, the 2017 year saw again a fall to only 4 848 when compared to the previous year representing a drop   of 6 % y-o-y.
With regard to the building permits issued for construction of new residential buildings, the Czech Statistical Office registered a y-o-y increase of more than   13 % standing at 487. (Source: CZSO)
A slight increase y-o-y was recorded in number of newly started apartment constructions. According to the information published by the CZSO, the index of asking prices    of apartments located in Prague, in the Czech Republic and in the Czech Republic without Prague were further increasing throughout the year 2017.(Source: CZSO)

Czech Investment Market 2017 - overview

Real Estate and Consulting Company Professionals s.r.o. informs about the state of the Czech Investment market in 2017.

In 2017, the Czech Republic saw a 12 % fall of investment volume when compared to €3.7 billion registered in the previous year and experienced the second 2017 Q4 investment amount represented 22 % of all 2017 transactions strongest investment performance ever recorded. Throughout 2017 the investors acquired Czech commercial properties for more than €3.25 billion.
Retail market was the most active sector in 2017 followed by office and industrial segments.
Acquisition of industrial portfolio situated in Pilsen region was one of the most significant deals closed in the last quarter of 2017. Notable retail transaction of 2017 was undoubtedly the sale of Olympia Brno to Deutsche EuroShop, the acquisition was concluded in the first quarter of the year.

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Prague Office Market – 2017

In 2017 Q4 over 71,000 m² of office space was completed in the capital. Office supply in Prague has been on an upward trajectory since the last quarter of 2016. The largest of new completions in Q4 was Main Point Pankrac situated in Prague 4 comprising ca. 22,000 m² of office space. Prague saw around 135,000 m² completed in 2017. The largest newly completed project in 2017 was Waltrovka Mechanica with 28,000 m².

Office construction sector in the capital in Q4 recovered y-o-y registering more than 304,000 m² of office space under construction. In the last quarter of 2017 construction work started for example on the new office project Churchill I. The building CSOB Bank II remained the largest scheme underway.

Demand registered in the capital city in 2017 Q4 increased when compared to the previous quarter as well in comparison to the last quarter of 2016, standing at 167,000 m² and accounting for 35 % of all 2017 lettings. Significant lease deal closed in Q4 was prelease transaction in the Churchill I. building in Prague 3. In 2017 Q2 Moneta Money Bank took about 21,500 m² in BB Centre A.

Prime rents in CBD increased a little q-o-q and ranged from 19.00 to 20.50 € /m²/ month in 2017 Q4. Inner City prime rent remained between 14.00– 16.00 € /m²/ month, in Outer City the range was between 13.00 – 15.00 €/m²/ month.

The vacancy rate continued to fall to 7.5 % in 2017 Q4 representing the lowest rate for 10 years.