The construction of new office buildings has almost stopped, but space in completed administrative properties is quickly being leased. In the past few weeks the Prague Tenant Representation team from global property adviser DTZ has leased almost 9,000 m² of class-A office space in various projects in Prague 4, with new tenants coming mainly from the pharmaceutical sector. Also, one of the major transactions is the securing of almost 5,000 m² of offices for the company RWE Transgas Net in the Kavèí Hory Office Park. It moves to new premises in the autumn of this year.
"It's no coincidence that those leases took place within the location of Prague 4, all in the vicinity of Pankrác metro station. The selection of the final location was based upon convenient accessibility by car as well as by public transportation, availability of required services such as restaurants, as well as the quality of the office project itself," says Václav Bouèek, head of Tenant Representation Services at DTZ Prague. Lease contracts in the Gemini project have been signed by renowned companies Novartis and Biogen Idec. "In Bratislava, a similarly advantageous location for its new headquarters was selected by another pharmaceutical company, Medtronic, for which we secured offices in the new Apollo Business Centrum II. For Medtronic we also secured new offices in Prague at the end of last year," adds Kateøina Karlíková from the same department at DTZ.
Important transaction of this half-year is the office acquisition in the Gemini B project for Novartis a major pharmaceutical company, which will depart from its existing premises in Prague 3. The DTZ Tenant Representation team reviewed the proposed commercial terms and conditions and provided advice in finalizing the new lease terms. "We are convinced that by moving into Gemini in the Pankrác district we will significantly improve our work environment, the accessibility of services for our employees and radically improve the effectiveness of internal communications," declares Radka Léblová, head of the central purchasing department at Novartis.
"The same project at Pankrác has also been selected by another DTZ client Biogen Idec, the leading biotechnology company, which was interested in the traditional leasing of its 'own space' after operating in fully serviced offices," says Kateøina Karlíková. "Biogen Idec will manage its activities in the Czech Republic from its 450-m² headquarter offices in the project that meets our expectations regarding modern and high-quality facilities underlining the overall image of our research-oriented company," says MUDr. Monika Zenkerová, company director for the Czech Republic.
"Generally, we recommend to office occupiers, especially with regard to the existing downturn in the office project construction to begin their search for new space early and to eventually use the services of an experienced real estate advisor," concludes Václav Bouèek.