The total stock of coworking and flexible office space in Prague reached 75,000 sqm by the end of 2019, as eight new centres opened their doors to take the total number to 59, according to the latest Savills research. Similar growth of the flexible office space sector is expected in 2020, which would take the total stock to almost 100,000 sqm.
Although 2019 saw a comparable number of new openings as 2018 (nine openings in 2018 and eight openings in 2019), the total new supply of flexible workspace in the city measured by total area reached 27,000 sqm, which translates into an increase of 138 percent on 2018 levels (11,360 sqm opened in 2018).
Savills notes that 2019 saw eight new hubs open their doors with WeWork making its long-awaited debut at the Drn building in Prague 1, Spaces opened its first two locations in Prague, HubHub added Palác Ara as a second location to their Prague network and New Work set up its second centre in Waltrovka in Prague 5. Scott & Weber entered the Prague 8 submarket with Praga Studios and Offices Unlimited introduced coworking premises in myhive Pankrác House in Prague 4. In addition to these new openings, five of the existing centres increased the amount of space they occupy.
By the end of 2020, the total stock of coworking and flexible office space in Prague is expected to rise to almost 100,000 sqm. Many of the current operators plan to focus on filling up their recently opened branches during the year as well as looking for an opportunity to increase their market share.
“Prague is by far the largest coworking and flexible office market in the Czech Republic, but is still relatively immature compared with other European capitals, indicating it has not yet reached saturation point. With a limited amount of existing flexible office inventory – less than 2 percent of Prague office stock – and consistent tenant demand, Prague is well positioned to see an increase in total flexible offices and coworking areas to almost 100,000 sqm by the end of 2020,” says Lenka Oleksiaková, Senior Research Analyst for Savills in the Czech Republic and Slovakia.