Delivery of many office development schemes which commenced during the real estate boom period will complete in 2009 across markets in Europe, Middle East and Africa (EMEA), leading to greater choice of good quality office space for occupiers in the short-term, according to the latest research by CB Richard Ellis (CBRE).
An acceleration of speculative completions is now expected in the second half of 2009, meaning that completion levels this year are likely to exceed those in 2008. Yet with new completions expected to drop in 2010 as developers continue to suspend projects not already under construction, occupiers’ choice of new buildings will become much more constrained from 2011 as the market faces a more restricted development pipeline than in previous cycles.
Katarina Wojtusiak – Head of Tenant representation and Global Corporate Services in Prague office comments on the Czech market: “New office schemes completion in Prague is significantly lower in 2009 then in previous years. Slow down in the office supply is expected to continue due to the strict financing conditions that could lead to limited supply of mainly bigger office units in 2011.”
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