OFFICE PROPERTY MARKET Q1/2026

In Q1 2026 the Prague office market entered another structurally tight period. Total modern stock reached 3.93 million sqm, with the vacancy rate stable quarter-on-quarter at 5.8% while the 114 bps year-on-year decline confirms the longer-term tightening trend. In Prague’s five largest submarkets (city centre, Karlín, Pankrác, Holešovice and Brumlovka), which together account for nearly half of the market, vacancy ranges only between 3% and 5.5%. After several years of subdued construction, the first speculative projects have re-entered the pipeline – a sign of cautious developer confidence returning. Demand remains dominated by renegotiations, with technology and financial occupiers most active. Hybrid working is firmly the standard and ESG, BREEAM/LEED certifications and energy performance are now baseline requirements rather than differentiators. The market continues to favour landlords.