Prague, 6th June 2016 – Office buildings in Prague’s Anděl are getting a new lease on life. Following years of full occupancy, many of them are currently undergoing extensive refurbishment. As a result, Karlín, a popular quarter that companies currently find attractive thanks to its direct connection to the centre of Prague, may soon face competition.
“Clients often believe that properties built more than ten years ago are no longer operational. Companies crave new buildings. Office buildings are not consumer goods, though, and even older buildings have their benefits. Instead of demolishing them after ten years, we upgrade them and help them to catch up with the current trends,” says Petr Markvart, Associate of Cushman & Wakefield’s Office Agency Team.
If the revitalisation of a building is entrusted to a capable team, it will take just a few weeks while yielding major benefits for both the owner and the tenants. Some buildings in Anděl have already been revitalised; some are currently undergoing the process and others will have to undergo it in the future. Owners are allowing more light into the premises, upgrading the interiors and often the façades too. Sometimes they also replace windows, set up the popular bicycle parking rooms, showers, electric vehicle charging stations and other amenities for their tenants.
The first office building in Smíchov, the Golden Angel, was designed by the architect Jean Nouvel and its opening in 2000 launched the office boom not just in Anděl but all over Prague.
“Thanks to the investments in its refurbishment, the Golden Angel received the BREEM certificate, which made it fully competitive with the latest buildings,” says Martin Rozhoň, Asset Manager at CBRE Global Investors, the company that owns the building, and adds: “We will open a new showroom in July where the prospective tenants will get an opportunity to see the premises finished to the new standard.”
Revitalised offices are a viable solution for those who need offices at a prestigious address. The city centre offers older yet revitalised buildings because there is no space left for developing new stock. Developers are forced to build new projects predominantly on the outskirts of the city. Locations in the city centre usually entail benefits such as a sufficient range of services to choose from in the neighbourhood and good access, which is something that employees are certain to appreciate. For example, a survey conducted by the Prague Public Transit Company showed that approximately 100,000 passengers pass through the Anděl metro station every day, and thousands more arrive on trams.