ARTICLES LABELLED WITH TAG Czech Republic

Europe’s fundamental mismatch between voracious housing demand and the limited supply is driving massive investment growth in the residential sector and will continue to generate opportunities even amid geopolitical and economic uncertainties, according to a new report by Colliers.

The Andaz Prague hotel, which was developed by UBM Development, has officially opened. It took the real estate development company two-and-a-half years to transform the neo-classical landmarked Sugar Palace into an Andaz-brand lifestyle luxury hotel.

GARBE Industrial Real Estate Czech Republic has commenced the development of 30,000 sqm at GARBE Park Chomutov. The structure will be built on the plot of a former construction company. GARBE demolished and revitalized the brownfield area and prepared it for the new construction of an industrial hall, which will be finished by the end of this year.

GLP has leased all the premises of the first phase of the newly built GLP Park Ostrava Hrušov complex. The first tenants include Prosperplast, Logflex and Hyundai Steel Czech. They are expected to move into the premises during the spring. The expensively revitalised site of the former chemical plant is thus coming to life and will gradually offer more than a hundred skilled jobs, says the company on their website.  

JRD is starting the construction of its next Prague residential project. The Vital Kamýk project is expected to be built in Prague 12 within two years. JRD announced the laying of the foundation stone of the residential project and the start of construction in a press release.

WOOD & Company Real Estate Fund will acquire the Astrum Business Park office building in Warsaw from Prochem S.A. and the LFI investment fund, marking the Fund’s first real estate acquisition in Poland. The building has a total leasable area of over 23,000 sqm and is fully leased. The transaction is subject to the tax ruling procedure, the company announces on its website.

Space Brokers, a Czech real estate consultancy focused on commercial real estate, is expanding its team with 2 senior consultants for Slovakia after the first year. Martin Varačka and Martin Šafárik are responsible for commercial property leasing in Slovakia now. At the same time, Lucia Voslářová joins Space Brokers as a Marketing Director for the Czech Republic and Slovakia, the company announced.

H2 2021 saw the highest number of newly commenced apartment constructions in Prague since 2008. The total number of apartments under construction rose to 12,630 units at the end of H2 2021. At the same time, the number of new apartments delivered was the weakest annual result since 2011 as only 3,700 apartments were completed. Still, the interest in buying flats was record-breaking, the best since 2016 and 22% above the 5-year average, says JLL in its Prague residential market report.

Developer Trammell Crow Company, a wholly-owned subsidiary of the CBRE Group, has appointed Petr Kovařík as Chief Logistics Officer for the Czech Republic and Slovakia. From TCC's Prague office, Petr will oversee the company's business and strategic development in the local market, as well as the selection, acquisition and financing of large-scale logistics projects in the region.  

The greater openness of Czech organisations to employ people with disabilities has begun to accelerate the necessity of adapting work environments to better meet the needs of this population. According to Colliers, a real estate service and investment management company, this demand has multiplied over the past five years partly due to the application of ESG rules.