Prague Office Market Q2 2026: Vacancy Stable as Supply Stays Limited
Prague’s office market recorded 125,400 sqm of gross take-up in Q2 2026, up 21% q/q. Vacancy remained unchanged at 5.8%, while renegotiations reached a record 69% of leasing activity. Demand improved q/q, but net take-up remained subdued.
Demand Concentrates in Core Submarkets
Net take-up reached 38,800 sqm, down 10% q/q and the weakest result since Q4 2020. Prague 4 generated 35% of Q2 gross demand and Prague 5 accounted for 27%. Technology companies led occupier demand with 38%, followed by pharmaceutical and medical companies at 9%.
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Construction Pipeline Reaches 309,300 sqm
One office project was completed in Q2, adding 20,800 sqm and taking Prague’s modern office stock to 3.95 million sqm. Three projects totalling 14,800 sqm started construction, while the overall pipeline reached 309,300 sqm. Almost 60% of space under construction was already pre-leased or intended for owner occupation.
Prime Rents Hold in the City Centre
Prime headline rents in the city centre remained stable at EUR 30.00/sqm/month. Inner-city prime rents stood at EUR 22.00–24.00/sqm/month, while new developments pushed outer-city prime rents to EUR 17.00–19.50/sqm/month. Office investment volume reached EUR 438 million in Q2, or approximately EUR 533 million including the office element of mixed-use transactions.
Looking ahead, limited new supply is expected in 2026–2027. Vacancy is expected to decline gradually, although second-hand space may cause occasional fluctuations. Pipeline projects are targeting premium rents, pointing to further upward pressure on prime headline rents, particularly in the city centre.
Head of Office Agency
Head of Research
