Colliers has prepared a unique price map for office space in Prague. The map suggests that the highest rents are found in centrally located metro stations such as Muzeum or Náměstí Republiky, while the lowest rents are found in the vicinities of Petřiny or Náměstí Míru.
The areas surrounding Prague metro local stations represent an ideal location for the construction of new offices. They provide excellent transport accessibility and offer a wide range of services and amenities. “These are aspects people often consider when deciding whether to accept a job offer. They do not want to spend too much time going to and from work, so it is important that offices are no more than a 10-minute walk from the nearest metro station,” comments Jana Vlková, Director of Workplace Advisory and Office Agency at Colliers.
Petřiny is the cheapest location
The price map clearly shows the prices of typical office space rents in the city. It is therefore a very simple tool for comparing between locations the financial conditions for securing offices. The map shows that the most expensive offices are currently located near the Muzeum and Náměstí Republiky metro stations (€26.50 to 27.00 per sqm per month), the cheapest around the Petřiny station (€10.50 per sqm per month) and Náměstí Míru and Radlická (€12 per sqm per month), where no new developments have been built for a long time to push rents higher. The most important thing is not the distance from the city centre, but the location’s quality and amenities.
New potential in the vicinity of metro line D
As office development in Prague is mainly directed towards metro stations, interesting new projects can soon be expected in the vicinity of the ten new D line metro stations currently under construction. Within a few years, more than 6,000 new apartments will be built here alongside tens of thousands of square metres of modern offices. “Although the first metro train is not due to run on the new line until 2029, there are already plans for office buildings around some of the future stations. One of the largest office locations would be at or near the Nové Dvory station. However, we expect that prices in these locations will have to respect the levels in established office markets. Market pressure to add value in the form of innovative, sustainable buildings with diverse amenities will push rents up everywhere, depending on how financing, construction and materials costs evolve,” comments Josef Stanko, Senior Analyst at Colliers.
According to him, the planned D line offers good potential not only in terms of available locations near new metro stations but also a number of existing stations: such as Hradčanská, Opatov, Želivského or Pražského povstání. This will involve the redevelopment of existing buildings.
