There was no completions of a new office building in the Ostarava office market and the total Ostrava modern office stock remained at 219,100 sq m.

The vacancy rate increased to 8.3% representing 18,100 sq m of vacant office space as of  Q2 2022. We have monitored increase compared to H1 2021 representing 176 basis points.

In H1 2022, total lesing activity (including renegotiation) reached 5,400 sq m which represents a drop of 71% compared to H1 2021. Market domenated by renegotiation and new leases represented 10 % of total lease activity.

As of Q2 2022, the total amount of space under construction is 20,600 sq m. It is only one office building under construction, Organica (20,640 sq m), with its completion scheduled for 2023. 

With no new supply levels in 2022 and no delivery in past years might lead to a decrease in vacancy rate throughout next years. However, in 2023, almost 20,640 sq m could be potentially delivered to the market which might cause a short-term increase in vacancy rate.

We expect upward pressure on prime rental levels.

Prime rent in Ostrava office market lightly increased to 13.00 and 13.50 €/sq m/month.