Prague among the cheapest places for offices

The annual cost of one workspace is the second-cheapest in Central Europe

Prague offers relatively cheap office workspaces. Office spaces in Prague are about 90 percent cheaper than those in Hong Kong, which is the world’s most expensive city. While in Prague the annual cost for a single workspace per year is $3,200, in Hong Kong it is $27,432. Prague came in 162nd place in Cushman & Wakefield’s ranking for 215 cities in 58 countries. London, which had been the world leader, remains the most expensive city in Europe.

The annual report from Cushman & Wakefield changed its methodology and lists more cities, so results are not comparable to previous years.

The costs are based on rental rates, service charges, and the number of square meters of office space per employee. “As far as the cost of a workplace is concerned, Prague comes in at a much lower price than other cities, even in the Central European region, where costs are lower only in Bratislava. Monthly rent in top-quality offices in Prague is at around 21 euros per square meter And thanks to the fact that the market is delivering over 400,000 square meters of new office space in the next two years, we do not expect a significant increase,” Radka Novak of Cushman & Wakefield said in a press release.

In Prague offices, an employee has on average less space than other in cities. While in Munich, for example, it is 16 square meters per workspace, in Prague it is 10 square meters. The world average in the compared cities is 11.8 square meters.

Concerns over Brexit helped push London from the top spot. “A limited supply has driven prices in Hong Kong up 5.5 percent year-on-year, while prices in London fell by 19 percent, mainly due to currency devaluation due to Brexit,” Novak added.

Several projects for office or mixed-use space are in various stages of being built in Prague including Smíchov City in Prague 5, the Flower House on Wenceslas Square, Rosetta Palace on Jungmannova Street, Drn on the corner of the Národní třída and Mikulandská street, several projects near the Pankrác and Pražského povstání metro stations, and renovated historical spaces in Prague 1, to name a few. In the long term, the area around Masarykovo nádraží should be developed for offices and shopping.

Most expensive office locations in the world Price of one workspace per year in crowns

1. Hong Kong, China, Kč 595,280
2. London, United Kingdom, Kč 491,830
3. Tokyo, Japan, Kč 393.010
4. Fairfield County, Connecticut, Kč 377,880
5. San Francisco, California, Kč 351,650
6. New York, New York, Kč 345,700
7. Silicon Valley, California, Kč 325,590
8. Geneva, Switzerland, Kč 291,300
9. Sydney, Australia, Kč 260,330
10. Paris, France, Kč 255,110

Source: Cushman & Wakefield

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