Svoboda & Williams Mediated Leases Totalling Over 23,000 sq. m. of Space in 2019
Last year, Svoboda & Williams’ commercial leasing team mediated leases for a full 15,323 sq. m. of office space and 7,400 sq. m. of warehouse space. Almost 14,000 sq. m. of the overall total consists of net take-up, i.e. new lease transactions that do not include lease renegotiations, prolongations, and subleases.
The transactions realized in 2019 reflect the current situation in the Prague commercial property market. Companies are less motivated to move due to, among other things, rising fit-out costs, fewer vacancies, and an insufficient supply of new premium offices. Tenants are facing a labor shortage, which negatively affects their potential for expansion. Svoboda & Williams recorded a year-on-year decline of 28% in the office space segment. However, due to the increase in rents in Prague and the addition of space with flexible lease terms to our offer of offices for lease, our total turnover for 2019 is higher than in 2018.
Svoboda & Williams successfully found new addresses for C2H Equity, Nordic Investors, Schill Dental Clinic, Six Dots Entertainment Group, Mitsubishi, Kapsch IT, and KARTON SERVIS. Also, 90% of the myhive Flexi Offices serviced offices have been leased since June 2019 when the project was first launched.