Prague Office Market Q4 2023
Below we have prepared a regular quarterly update on the Prague office market looking at supply and demand patterns and analysing major occupier trends.
Summary of current data:
In Q4 2023 gross take-up totaled 166,700 sq m, almost double the level from Q3 2023.
Annual gross take-up in 2023 decreased by 3% compared to 2022 to 525,300 sq m.
In Q4 2023 the vacancy rate decreased slightly to 7.2%.
Renegotiations had a 53% share on the annual take-up and even 60% in Q4 quarterly take-up.
We expect continued upward rental pressure in central locations. This will be further exacerbated by limited new supply in the coming two years.
ESG compliance is increasingly demanded mainly by corporate occupiers, and this is likely to strengthen in the future even more.
We like questions, if you’ve got one about our research, or would like some property advice, we would love to hear from you.
The full report can be downloaded below.
Lenka Šindelářová
Head of Research and Consultancy
lenka.sindelarova@cz.knightfrank.com
+420 602 773 592
