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Market in Minutes | Prague Office Market Q2 2021

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OFFICE MARKET HIGHLIGHTS - H1 2021

  • The total modern office stock in Prague rose to 3.73 million sq m at the end of H1 2021.
  • The delivery of four new development projects and two refurbishments across the city brought about a total of 53,000 sq m of new office supply to market in H1 2021. A 30% increase compared to H2 2020, however, the year-onyear (y-o-y) comparison showed a drop of 52%.
  • Over the last six months to June 2021, the overall vacancy rate increased by 82 bps to 7.80%, its highest level since Q2 2017. This corresponded to 291,400 sq m of unoccupied office space available for rent around the city at the end of June 2021.
  • The Prague office market saw the H1 2021 gross take-up totalling 179,500 sq m, being up by 21% y-o-y and only 3% down compared to the H2 2020 activity. This indicated a slow gradual return to the pre-pandemic levels.
  • The total net demand registered in H1 2021 totalled 94,300 sq m, representing a 3% decline y-o-y but an increase of 34% compared to H2 2020.
  • Prague office market witnessed a positive net absorption of 23,200 sq m in the first half of 2021 (compared to 85,300 sq m in H1 2020 and 5,300 sq m in H2 2020).

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