OFFICE MARKET HIGHLIGHTS - H2 2020
- Total amount of 40,900 sq m of new office space was delivered to the Prague market in the second half of 2020, representing a 67% decrease in a year-on-year comparison.
- Modern office stock in Prague totalled 3.75 million sq m at the end of 2020.
- Vacancy rate reached 7.0% at the end of the year, (being up by 150 bps from the end of 2019), meaning there were 261,500 sq m of unoccupied office premises around the city.
- Total leasing activity in H2 2020 reached 184,900 sq m, being 25% above the gross take-up levels registered in the first half of 2020. However, in a year-on-year comparison, a decline of 19% was recorded.
- Net demand continued weakening and in the second half of 2020 amounted to 69,900 sq m, indicating a 49% year-on-year decline.
- Rent levels stayed unaffected by the lockdown and the general market slowdown.
- Net absorption in 2020 reached 90,530 sq m (compared to 178,150 sq m in 2019).