The Prague office market in Q3 2026 was characterised by limited new supply, a low vacancy rate and a continued high share of lease renegotiations. Prime headline rents increased in both the City Centre and Inner City.

Prague Office Market at a Glance

Source: Knight Frank Research, Prague Research Forum.
 

New Supply Remains Limited

Prague’s total modern office stock stood at 3.95 million sq m in Q3 2026. No new office buildings were completed during the third quarter.

Currently, 308,900 sq m of office space is under construction, with 61% already pre-let. The largest share of space under construction is located in Prague 5 (39%), followed by Prague 4 (36%).

Limited supply is also reflected in the low vacancy rate, which edged down to 5.65%. Prague 2 recorded the lowest vacancy rate at 1.2%, followed by Prague 1 at 3.6%, while the highest vacancy rate was recorded in Prague 10 at 12.0%.

Renegotiations Continue to Dominate Take-up

Gross take-up reached 107,000 sq m in Q3, down 20% compared with the previous quarter. Net take-up, by contrast, increased by 28% quarter-on-quarter to 48,800 sq m.

• Renegotiations accounted for 53% of total leasing activity.
• New leases and expansions represented 36%.
• Technology companies accounted for the largest share of total take-up at 28%.

The data confirms companies’ ongoing efforts to optimise their existing premises rather than relocate, with lease renegotiations continuing to account for more than half of all transactions.

Prime Headline Rents Continue to Rise

Prime rents in Prague City Centre increased to €31.00–32.00/sq m/month. Inner City rents reached €22.50–23.50/sq m/month, while rents in Outer City locations remained unchanged at €16.00–17.00/sq m/month.

Rents in the Inner City increased by 15% year-on-year, with further growth expected given the rental levels being achieved in projects currently under construction or in the pipeline.

What to Expect Next

The Prague office market continues to be characterised by low vacancy, limited new supply and a high share of renegotiations. While overall take-up has declined year-on-year, the limited availability of quality office space continues to support rental growth, particularly in the City Centre and Inner City.

We hope you find the information provided in this report useful.

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