Commercial REThe impact of COVID-19 and consequent restrictions in the Czech Republic have resulted in an uneven development across the real estate segments as overall demand in the industrial segment and retail parks has been rising despite the pandemic. On the other hand, hospitality and office segments are significantly impacted and structural adaptation in 2021 is expected.
The institutional investment and development of rental housing or growth of co-working spaces in the office segment were among the most significant trends that accelerated in 2021.
Further development of each segment in 2021 will continue to largely depend on the economic and COVID-19 pandemic situation.
The COVID–19 pandemic that forced many people to work from home will accelerate the launch and usage of the tools for team cooperation and remote sharing. We can expect a decline in the standard workplace in favor of a shared space. To a large extent, regular work at the desk may be carried out elsewhere – at home or on the client‘s premises. Companies are currently more inclined to set a new operationally and financially optimized workplace strategy.
Completion of modern offices is expected to decrease to only approximately 100,000 sq.m in 2021. Uncertain future of office segment resulted to significant decrease of speculative office buildings construction.