Vladimír Urbánek (Kurzy.cz)
Personal finance  |  August 07, 2012 15:57:43

Colliers Int. - Semi-annual report to the real estate market in the CR - declining investment in office and retail viewfinder

The weakening economy and austerity measures are some of the reasons why the Czech National Bank has recently lowered interest rates to help stimulate the economy. This was reflected in a significant decline in real estate investments in the first half of 2012. According to monthly reports Colliers International in the first half of this year recorded investment transactions worth 201 million euros, which is 73% less than the same period last year (785 million).

"Transactions in the first half of 2012 represent a similar volume as in the first half of 2010," says Omar Sattar, MRICS, Managing Director, Colliers International Czech Republic. "Interesting also is that five of the seven investment transactions covered property outside the capital. "

The most promising is the office sector. Seven new office buildings with a total area 76,100 meters square delivered to the Prague market during the first half of 2012, bringing the total office market to 2,860,000 m square . Despite the difficulty in securing financing developers were able to begin construction of new projects, which shows long-term trust companies in the Prague office market. By the end of the year will be completed 23,400 meters square in smaller office buildings, the completion of other 111,400 meters square is planned in 2013. Industrial facilities in the Czech Republic has grown since the beginning of the 115,400 meters square . The total area now stands at approximately four million square meters, of which 41% is located in Prague and its surroundings. Given the uncertain economic climate is expected to total demand in 2012 reached the level of demand for industrial space in 2011. However, many major manufacturers actively looking for space to expand its activities in the Czech Republic.

Other attractions of this report:

·          64%investment transactions in first halfof 2012 was in office sector, the remaining 36% accounted for a small business sector.

·          Although the total volume of investments in 2012 will probably be considerably less than in 2011, could exceed the results of years 2009 and The 2010th

·          Investor interest will continue to dominate the real estate office and Colliers expects that it will be more than 50% Of transactions.

·          Long-term prospects of the Czech capital market remain strong, thanks to many investors looking for suitable property to buy.Others actively raise funds, which are use in the future.

"Although investor demand has been somewhat subdued,believe that their activity will increase and that the total volume of investment transactions closed in 2012 will be around 700 million euros, "said Omar Sattar." We expect an increase in activity of institutional investors, because it is currently in negotiationsseries of transactions involving office and retail property the highest category, whose completion is expected in the second half. "


The industrial market in the first half of 2012:

·          New construction was 93 420 square meters and 22 000 square meters accounted for the complete reconstruction existing warehouses.

·          Gross demand in Q1 reached half 355,500 meters square , 48% were signed in the 1st quarter and the rest of the 2nd quarter. Compared to the same period last year dropped the volume of leased space by 24%.

·          Rent a storage class "A" and light manufacturing space for the highest category in the Czech Republic will continue to reaches the level of € 4.50 / m2 / month.

·          At the end of the 1st half of 2012 was over the Czech Republic under construction 122,100 meters square industrial areas, of which 55% is already pre-leased.

·          It is expected that demand will dominate the manufacturing sector. Requirements for large spaces from production companies are likely to be resolved in peace building rather than leasing space second-hand.

·          After a two-year period of decline increased vacancy space in the Czech Republic first in 1st quarter 2012, and it to 7.3%.For the entire First half 2012 reachedlimit 7.7% - equivalent to 307 600 meters square available space for immediate rent.

·          Greatest share vacant space ( 133,040 meters square ) Islocated in Prague, where the vacancy rate fell slightly from 8.4% In Q1 quarter of 2012 to 8.1% in First half The 2012th

·          Southern Moravia is currently region with the second the highest volume free space ( 61,350 meters square ), The vacancy rate here at the end First half 2012 reached 9.1%.

·          The expected volume of completed speculative construction is likely to completely satisfy the demand for industrial space class "A" from the ranks of those who seek space for immediate occupancy.

·          The ASIC and effective rents for industrial premises should remain stable rest of 2012.

The Prague office market in the first half of 2012:

·          Four of the completed buildings were designed and built in accordance with environmental standards and to obtain a "green" certificate.

·          In 1 half 2012 , the total demand almost in Prague 154 thousand meters square , Which represents a decrease of 17%against First half 2011, but improvement10% compared with 2 half of the 2011th

·          The vacancy rate across Prague continued to decline in the first half of which decreased from 12% at the end of 2011 to 11.5%. This represents over 329 thousand meters square vacant office space in the market.

·          At the end of the 1st half of 2012 was under construction in Prague 147 thousand meters square offices. Only 13% of these projects were initiated on the basis of pre-lease. All other buildings are currently built on a speculative basis.

·          Although leasing activity recently developed promising, probably reached a record level of 2011.Due to the large number of pre-leases entered into in the last 18 months, it is possible that testing will follow the current basic rent in the vacant offices.  

Tereza Prochazkova

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Colliers Int. - pololetní zpráva k realitnímu trhu v ČR - investice klesají, v hledáčku kanceláře a maloobchod

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