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Market in Minutes | Prague Office Market Q1 2021

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OFFICE MARKET HIGHLIGHTS - Q1 2021

  • Total modern office stock in Prague totalled 3.69 million sq m at the end of Q1 2021.
  • The volume of construction completions in Q1 2021 ranked among the lowest quarterly levels in the history of the Prague market, with only 3,500 sq m added to the office inventory.
  • The share of unoccupied office premises rose to 7.60% (up by 62 bps q-o-q) and reached the highest level since Q2 2017. Translated to square meters, the volume of immediately available office space in Prague at the end of Q1 2021 totalled 280,600 sq m.
  • Total leasing activity in Q1 2021 reached 90,200 sq m, being 30% above the gross take-up levels recorded in the first three months of 2020. However, compared to the previous quarter the activity was down by 9%.
  • Net demand recorded in Q1 2021 amounted to 45,100 sq m, indicating a 3% q-o-q increase, but a 15% drop against Q1 2020, when the net demand totalled 53,300 sq m.
  • The Prague office market continues to feel the effects of the pandemic seeing negative absorption of 15,500 sq m in Q1 2021.

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