OFFICE MARKET HIGHLIGHTS
- In 2025, new office supply reached the lowest level in the market’s history, with only 26,600 sq m added to Prague’s office stock. This comprised one newly completed building and four refurbished projects. New supply is expected to remain subdued through 2026, with only 36,700 sq m currently scheduled for delivery.
- The combination of muted new supply and steady office take-up led to a further decline in the vacancy rate. For the first time since Q1 2020, the vacancy rate in Prague fell below 6.0%, closing 2025 at 5.9%. AAA-rated offices recorded a vacancy rate of 5.0%, down significantly from 8.4% in December 2024.
- Total occupier activity (including lease renewals and owner-occupier transactions) reached 573,200 sq m in 2025. Although this represents a 10% y-o-y decline, it remains 18% above the five-year average and 20% above the ten-year average. Lease renewals accounted for 45% of total activity, broadly in line with long-term trends, where the five-year average share stands at 47% and the ten-year average at 40%.
- Net office take-up declined marginally by 3% y-o-y but, at 307,100 sq m, remained 26% above the five-year average and 10% above the ten-year annual average. A slightly more pronounced y-o-y decrease was observed in net leasing activity (excluding owner-occupier transactions), with 2025 performance 6% below the 2024 level.
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