Prague Research Forum announces Prague office market figures for Q3 2026
- The volume of office space under construction remained virtually unchanged quarter-on-quarter at 308,900 sq m but increased by 27% year-on-year.
- The vacancy rate decreased by 11 basis points quarter-on-quarter to 5.65%.
- Gross take-up decreased by 20% quarter-on-quarter to 107,000 sq m.
- Prime rents increased in the city centre and inner-city locations.
Introduction
Prague Research Forum is pleased to announce the office market figures for the third quarter of 2026. The members of the Prague Research Forum – CBRE, Colliers, Cushman & Wakefield, iO Partners, Knight Frank and Savills – share non-sensitive information with the intention of providing consistent, accurate and transparent data about the Prague office market.
RICS supports the activities of the Prague Research Forum.
Commentary
Pavel Novák, Head of Office Agency, Savills, comments:
“Low vacancy and rising rents may suggest a strong market, but the composition of leasing activity tells a different story. Renegotiations already dominated in the first half of the year, while gross take-up declined by 41% year-on-year in the third quarter, with renewals still accounting for more than half of total leasing activity. I see the market’s ability to generate new relocations as a key indicator of its underlying health. Yet relocation decisions are becoming increasingly challenging for occupiers. As a result, despite the limited supply, we are not seeing a significant market-wide imbalance between demand and supply, but rather selective pressure in specific locations.”
Office Stock and New Supply
At the end of Q3 2026, the total modern office stock in Prague stood at approximately 3.95 million sq m. No new office building or refurbishment meeting the PRF criteria was completed during the quarter.
At the end of September, the volume of office space under construction stood at approximately 308,900 sq m, remaining virtually unchanged quarter-on-quarter but increasing by 27% year-on-year. Prague 5 accounted for the largest share of the total volume under construction (39%), followed by Prague 4 (36%). Approximately 61% of the office space under construction had already secured tenants.
Class A to AAA office buildings accounted for approximately 73% of the total modern office stock, while the highest-quality AAA-rated projects represented around 16% of the total.
Office Take-up
Total gross take-up, including renegotiated leases and subleases, reached 107,000 sq m in Q3 2026. This represented a quarter-on-quarter decrease of 20% and a year-on-year decline of 41%.
The highest gross take-up in Q3 was recorded in Prague 4, which accounted for 41% of the total volume. Prague 8 followed with an 18% share and Prague 5 with 15%. From a sector perspective, technology companies dominated demand with a 28% share. Pharmaceutical and healthcare companies accounted for 11%, while professional services firms represented 10%.
Renegotiations accounted for 53% of total demand in Q3. New leases represented 30% and expansions 6%. Pre-leases in projects under construction accounted for 9% of the total volume, while the remaining 2% related to subleases of already leased space. Net take-up, excluding renegotiated leases and subleases, reached 48,800 sq m, representing a quarter-on-quarter increase of 28%.
Major Office Leasing Transactions
The most significant disclosed transaction in Q3 2026 was Microsoft’s lease renegotiation at the Delta building in Brumlovka, Prague 4 (12,800 sq m). Other major transactions were lease renegotiations by Adastra at Mississippi House in Prague 8 (5,300 sq m) and NET4GAS at Kavčí Hory Office Park in Prague 4 (4,700 sq m).
Office Vacancy and Net Absorption
Net absorption, reflecting the change in occupied office space over a given period, was positive in Q3 and reached approximately 5,700 sq m.
The office vacancy rate in Prague continued to decline in Q3, reaching 5.65% at the end of September. This represented a decrease of 11 basis points quarter-on-quarter and 74 basis points year-on-year. At the end of the third quarter of 2026, approximately 222,900 sq m of vacant office space was recorded in Prague.
The highest vacancy rate was recorded in Prague 10 at 12.0%, followed by Prague 3 at 11.1%. Conversely, the lowest vacancy rate was recorded in Prague 2 at 1.2%, followed by Prague 1 at 3.6%.
Rents
Prime office rents in Prague increased in the city centre and inner-city locations in Q3 2026, while remaining stable in outer-city locations. In the city centre, prime rents ranged from €31.00 to €32.00/sq m/month, while inner-city rents rose to €22.50–23.50/sq m/month. Outer-city rents remained at €16.00–17.00/sq m/month.