Real Estate Briefs
Office rents across Europe slide
Prime office rents across Europe fell 0.3 percent in the first quarter of 2012, according to new research from property firm Jones Lang LaSalle. However, there is some good news for Prague, as the firm believes rents in the Czech capital are bottoming out and should rise soon.
Prime office rents across Europe fell 0.3 percent in the first quarter of 2012, according to new research from property firm Jones Lang LaSalle. However, there is some good news for Prague, as the firm believes rents in the Czech capital are bottoming out and should rise soon.
Daramis Group buys office building
The Endurance Real Estate Fund, managed by Orco Property Group, has sold 4D Kodaňská Office Center to Daramis Group for around 20 million euros. The 260,000 square meter office building, which has tenants such as Gopas and Nikon, was built in the 1970s but refurbished in 2002 and 2007. Experts said the sale was a good sign for the sluggish class B office market. Jones Lang LaSalle advised the vendor.
The Endurance Real Estate Fund, managed by Orco Property Group, has sold 4D Kodaňská Office Center to Daramis Group for around 20 million euros. The 260,000 square meter office building, which has tenants such as Gopas and Nikon, was built in the 1970s but refurbished in 2002 and 2007. Experts said the sale was a good sign for the sluggish class B office market. Jones Lang LaSalle advised the vendor.
Building output drop in March
Building output dropped 8.9 percent in March compared with the same month last year - the biggest annual drop for the month in a decade. The figure follows February's drop of 16 percent, the Czech Statistical Office said. The number of homes started was 6.2 percent lower and the number of completed homes sank 19.8 percent compared with 2011. The building figures were accompanied by more grim construction data for workers, which showed that the number of people employed by construction companies with more than 50 staff fell 4.9 percent.
Building output dropped 8.9 percent in March compared with the same month last year - the biggest annual drop for the month in a decade. The figure follows February's drop of 16 percent, the Czech Statistical Office said. The number of homes started was 6.2 percent lower and the number of completed homes sank 19.8 percent compared with 2011. The building figures were accompanied by more grim construction data for workers, which showed that the number of people employed by construction companies with more than 50 staff fell 4.9 percent.
Industrial property 'weak start' to 2012
The domestic industrial property market had a weak start to 2012, with only 89,000 square meters of space let in new deals in the first quarter of the year, according to new figures from the Industrial Research Forum. The total is 43 percent down on the previous quarter and 27 percent down on the same period in 2011. Including lease renegotiations, the figure reaches 130,700 square meters, which is 30 percent down on the last quarter and also 30 percent down on the same quarter in 2011.
The domestic industrial property market had a weak start to 2012, with only 89,000 square meters of space let in new deals in the first quarter of the year, according to new figures from the Industrial Research Forum. The total is 43 percent down on the previous quarter and 27 percent down on the same period in 2011. Including lease renegotiations, the figure reaches 130,700 square meters, which is 30 percent down on the last quarter and also 30 percent down on the same quarter in 2011.
20 °C, Prague, Czech Republic
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