Q2 2024: Prague Office Market - Record Demand and Expanding Space

Prague's modern office market continues its impressive growth trajectory, reaching a total stock of 3.95 million sqm by Q2 2024. This quarter saw the completion of four new office buildings totaling 43,900 sqm, with notable projects like Smíchov City and Hila commencing construction. Despite a rise in the vacancy rate to 7.9%, a historic high in demand driven by an owner occupation deal with Česká spořitelna pushed gross take-up to 220,600 sqm. Meanwhile, prime headline rents increased to €29.00 sqm/month, reflecting the robust market dynamics.