Fast Market Research recommends "Czech Republic Real Estate Report Q1 2015" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 11/28/2014 -- A robust recovery by the Czech economy has brought some stability to the commercial real estate sector over 2014. Rental rates have stabilised as demand has begun to put downward pressure on vacancy levels. The market, which continues to be seen as one of the most established in the Central and Eastern European (CEE) region, has also benefited from slowing growth across the eurozone and increasing intensions in Russia and Ukraine, which have resulted in a steady uptick in transactional volumes in recent months.
An improving economic backdrop has helped to stabilise the commercial real estate landscape in the Czech Republic during 2014. GDP was estimated to have grown by 2.4% year-on-year (y-o-y) over the year in real terms, representing a significant recovery on 2013's 0.9% contraction.
Strong growth in exports and consumer spending underpinned a more favourable business environment, underpinning demand for commercial space across the office, retail and industrial markets. This has helped to create a more stable supply-demand balance, putting downward pressure on rental rates and bringing stability to rental rate levels.
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An improving operating environment for commercial landlords is being matched by steady growth in transactional activity, particularly within the industrial segment. The Czech Republic has emerged as an attractive distribution hub for the CEE region in recent years with exporters and logistics firms drawn by the relatively low cost of industrial space and the country's proximity to the German market.
The office market has also witnessed steady growth in sales, however, we caution that the segment remains blighted by oversupply in office space in key areas such as Prague, where vacancy rates continue to be elevated.
Despite an increasingly more optimistic outlook for the sector going into 2015, we caution that many of the same issues that have blighted the market in recent years remain in place, namely stagnant rental rates and weak.
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