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Our experienced research team provides colleagues and clients with a full range of information, research and consultancy services covering all aspects of the commercial property market. The team collates data and market intelligence from internal and external sources to provide insight into real estate trends across the Czech Republic. Read more here...
Global corporations' relationship with their office space is changing. Not only this, but the empirical evidence now suggests that the market relationship between office-based employment and traditional office stock has weakened slightly post-global financial crisis. How can the European Occupier Survey help explain the drivers behind this shift, and what might it mean for you?
Globalization, Outsourcing, Offshoring & Nearshoring are common and progressive trends in the modern economy. These contemporary trends have an impact not only on operational costs, but also on real estate and labour markets. Companies’ cost sensitivity supports the decision to move part of the business i.e. back- or mid-office to cost-effective countries. This trend has boosted the development of the Business Services (BPO, SSC, R&D & ITO) and the CEE region, with its well educated workforce and competitive cost base, is one of the main beneficiaries. The aim of this report is to present the whole region for the benefit of foreign investors in the most comprehensive way.
• Only one shopping centre was opened in the reporting period. The regional shopping centre Central Jablonec located in the city centre of Jabolnec nad Nisou.
• Oxford Economics expect a slight slowdown of retail spending growth which correlates with the economic forecast. The expected growth is 4.6% y-o-y in 2017 and 2.9% y-o-y in 2018.
• New international brands entered the Czech market in H1 2017: Karl Lagerfeld, HUGO, Huawei and Palmers.
• The retail investment market in the Czech Republic is very healthy and we see strong demand for good quality assets. Since 2013 we are witnessing dramatic changes in the ownership of shopping centres.
The Baltic economies are currently riding the wave of the economic recovery in the Euro area. Survey evidence indicates that the pace of economic growth picked up in the first half of the year and full-year GDP growth is expected to be around 3.5%, up from just over 2% in 2016. Unemployment in the Baltics also continues to fall and the rate is well below the Euro area average.
Investment activity in the CEE region is growing, representing a 37% increase year on year. Several large deals will be completed during H2 2017.
CBRE preliminary figures show CRE investment of more than €410 million in the Baltic region countries for H1 2017, representing a ca. 7% increase year on year.
In H1 2017 the most attractive asset type in the Baltics proved to be the office sector, leaving the retail sector in second place with 39% of all investment volume.
The leading position in H1 2017 was held by Lithuania (43.5%), whilst 30.6% of all investment was generated in Estonia, leaving Latvia in third position with 25.9%. The largest investment of €127 m was completed by CPA:17 – Global, acquiring a 70 % stake in the real estate investment vehicle UAB Baltic Retail Properties.
Ca. 80% of all investments were made in the Baltics’ capital cities. The remaining investments were completed in regional cities (Klaipeda, Narva, Daugavpils, Kaunas, Palanga and others), mainly as portfolio transactions in the retail and DIY sectors.
In H1 2017 the industrial sector, with a share of 14.8%, showed the strongest increase by 5.3%, when compared with H1 2016.