Immorent commenced construction of new office complex in Prague
2010-09-02
The company Immorent CR started the construction of Lyra Office Building, a new office complex in Prague 5 Smichov district, in July 2010. The complex consists of one building with six floors. It is planned to offer some 7,600 m² in A class office space. The construction of the project is expected to last up to 14 months.
Immorent decided to start this construction on a speculative basis, hoping that by the end of the construction works, the real estate market in the Czech Republic will pick up again. They were also encouraged by the fact that Smichov has the lowest vacancy rate in the office market in Prague. At the moment, only about 4,500 m² of office space is empty, bringing the vacancy rate in this area to just below 3%. The average vacancy rate on the Prague office market is now approaching 14%.
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