The Prague office market in Q1 2022 experienced a further increase in vacancy, across the entire city. However, gross take-up recorded a year-on-year increase of 44% and thus returned to pre-pandemic levels. The increase in prices throughout the city is still felt especially in construction projects, mainly due to rising costs for materials and construction work, reports the Czech branch of Colliers in their regular survey.

Allianz Real Estate has purchased the Eiffel Square office building in central Budapest from Hungary’s Green Real Estate Development Investment Fund, managed by Equilor Fund Management, in an off market-deal facilitated by JLL. The transaction was signed in May and closed in early June. Even if several investment transactions were derailed by the Q2 lockdown in Hungary, the transaction progressed in line with the original time frame.