Prague Office Market Q3 2026: Vacancy Falls as Rents Rise
Prague’s office market remained tight in Q3 2026. Vacancy declined to 5.6%, gross take-up reached 107,000 sqm and net take-up totalled 50,700 sqm. No new office buildings were commenced or completed, while 309,000 sqm remained under construction and 61% of this space had already secured tenants.
Leasing Activity Remains Subdued
Gross demand was down 20% q/q and 28% below the three-year quarterly average. Renegotiations accounted for 53% of activity. Professional services led net demand with a 12% share, followed by technology at 11%, while pharma/medical and finance each represented 9%. The largest listed transaction was Microsoft’s 12,800 sqm renegotiation at Delta, Brumlovka.
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Supply Pipeline Supports a Tight Market
Prague’s total office stock stood at 3.94 million sqm at the end of Q3, with zero completions during the quarter. The 309,000 sqm construction pipeline was 27% higher y/y, and 61% of space under construction had secured tenants. The vacancy rate fell by 74 bps y/y to 5.6%.
Prime Rents Continue to Rise
Prime rent in Prague 1 reached EUR 32.00/sqm/month, up 7% y/y. Prague 4 increased to EUR 23.50/sqm/month, up 15% y/y, while Prague 8 reached EUR 24.00/sqm/month, up 17% y/y. Prague 5 remained stable at EUR 18.00/sqm/month. Prague’s prime office yield stood at 5.00%.
In the next quarter, the key indicators to watch are vacancy, the 309,000 sqm pipeline and the share of space under construction with secured tenants. Ongoing developments continue to support rental growth, while Q3 closed with no new completions and vacancy at 5.6%.
Head of Office Agency
Head of Research
