BNP: Construction will reach pre-pandemic levels in 2023

(ČIA) Developers are preparing almost 40,000 m2 of new offices in Prague by the end of the year. In the next period, more than 140,000 m2. The balance is mainly affected by the planned Port 7 projects from Skanska or the construction in the area of Masaryk's railway station by Penta. The company BNP Paribas Real Estate informed that the construction will reach the pre-prediction level at the earliest in 2023. The rent remains stable with the highest achieved level of up to EUR 23 / m2 in the center of Prague. Vacancy rose to 7.8%. Implemented demand in Q2 2021 quantified by lease agreements was 8% higher year-on-year. In addition to LEED Platinum eco-certification, two new buildings in the River City Prague complex also received WELL Core & Shell and WELL Helth & Safety Rating certificates, responding to anti-pandemic measures. Nevertheless, most companies are considering permanent introduction of work from home.



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