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Prague : Significant supply pipeline expected in 2014 - Q4 2013

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At the end of 2013 we have monitored 327,000 sq m of office space under construction in Prague; this has even surpassed the record levels reported during the year. Despite a very strong annual gross take-up in 2013 with almost 300,000 sq m leased or renegotiated, 50% of transactions were renegotiations. In Q4 renegotiations represented even 64% of the total letting activity. This trend is expected to continue into 2014. DTZ predicts the vacancy to oscillate between 13.5-14% in 2014, up from 13.2% in Q4 2013. Prime headline rents remained stable in Q4, some downward adjustments can still be expected in 2014.

Source : DTZ (Groupe UGL)

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Keywords : DTZ