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Prague office market update

The latest update from JLL has revealed that total new office supply in Prague in 2020 reached 150,600sqm. At the end of Q4 2020, the total modern office stock in Prague increased to 3,747,000sqm. 

The largest office district is still Prague 4 (26% of the total stock), followed by Prague 5 (17%) and Prague 8 (15%). The slowdown in construction activity continued during Q4 2020 with 136,400sqm currently under construction (50% below the 5-year average) with completion expected in 2021-2022. 

The highest portion of the new supply is scheduled to be delivered in Prague 8 (35% of the total space under construction), followed by Prague 9 (22%) and Prague 6 (16%). 

In Q4 2020, average prime office rents in the city centre remained stable at €21–22sqm/month. Inner city rents stood at €14.50–17.50sqm/month in Prague 2, in the range of €14.50–16.90sqm/month in Prague 4, and at €14.50–16sqm/month in Prague 5. 

Despite the pandemic, positive net absorption kept the vacancy rate stable, compared to Q3 2020, at 7.0% in Q4 2020. The largest availability was in Prague 5 with 57,100sqm, representing a vacancy rate of 8.8%.

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