ARTICLES LABELLED WITH TAG Czech Republic

Prime headline rents have increased slightly to a new level of €5.20 sqm/month in the Czech Republic and €5.50 sqm/month in the Greater Prague region during Q3 2021. The Industrial Research Forum published its fresh industrial market figures.

As part of the restructuring of the Avestus Real Estate business, a new residential development entity, SHD Real Estate (SHD) has been established. The new company will continue to work on residential opportunities with a remit to develop across all residential sectors, including residential for rent and student accommodation. SHD will be operated and managed by the original Avestus Real Estate residential team based in Prague and they will be investing in opportunities across the country. Avestus will continue to focus on its existing commercial development portfolio, the latest project under construction being the Infinity office complex in Wroclaw.

Local investor Českomoravská Nemovitostní has expanded its portfolio with three properties in Prague's Karlín district with a total area of more than 30,000 sqm. The company bought the Zirkon, Apeiron (Ruby) and Corso Karlín office buildings.

Online food sales have been growing at a rapid pace in recent years in the Czech Republic, the revenue in this segment has grown by 106% on average per year during the past three years. Growth rates were strong elsewhere in Europe as well, averaging 37.3%. Cushman & Wakefield has analysed data from 24 European countries.

CA Immo records strong tenant demand for its Prague office buildings. With two new leases signed in the newly built Mississippi House and Missouri Park office buildings in the River City Prague campus, only 40% of the office space in these buildings remains available – and letters of intent have been signed with three additional tenants who will potentially lease another 30% of the total office space.

From August 2021, KGAL GmbH & Co. KG, a leading independent  European investment and asset manager based in Germany, has appointed Savills as property manager for Prague’s DRN building. Savills also continues to provide asset management services for the building, which it has been providing since July 2020.

In 2021, the excess demand in the Austrian apartment building market will continue to lead to solid increases in the values of residential and commercial buildings. However, according to Arnold Investments, prices in very good and good locations have currently stabilised at a high level. Entry-level prices for local properties within the “Gürtel” (beltway) are currently starting at €4,000 to €5,000 per square metre.

The Industrial Agency of Colliers Czech Republic received an exclusive mandate from Prologis to find a suitable tenant for the industrial premises in Rudná near Prague. There are currently only eight vacant industrial spaces available ready for immediate occupancy within the area of Greater Prague.

German bicycle manufacturer CUBE is expanding its operations by launching its first production facility at CTPark Cheb in the Czech Republic, in a new building with 10,000 sqm of space. The new assembly line for bicycles is planned to start in February 2022.

Cushman & Wakefield strengthens its management structure in the CEE region. Part of this step is the extension of the roles of some of its professionals, who are newly responsible for the firm’s activities in the whole region. Three experts from Cushman & Wakefield’s Czech office now have such regional roles. Radka Novak has been appointed Head of Office Agency for CEE, Marie Baláčová has been appointed Head of Data & Analytics for CEE and Ondřej Fukal has been appointed Head of Asset Services for CEE.