Immorent will build offices in Pankrác
Despite the crisis on the real estate market, the development company Erste Group Immorent ČR is launching its next office project in Prague. The Enterprise Office Center, directly following the Gemini project from the same developer, will be built in the established location on the Pankrác Plain.
“We plan to open the exhibitions this autumn,” said the spokesman Immorentu Rudolf Kargl. It is to be completed in the course of 2014. The amount of the investment was not disclosed by the company.
The winner bought a hectare plot of land next to the highway Immorent three years ago from the company ČSAD Prague holding. The twelve-storey building will offer 30,000 square meters of offices for rent. According to Kargl, so far it will be a speculative construction without a pre-agreed tenant.
At present, deserts develop into speculative projects rather exceptionally. Immorent did so already in the case of the second stage of the Futurama office project in Karlín, which was completed last year and was immediately bought by a real estate investor. Invesco Real Estate. Immorent also recently completed an office building at the Smíchov railway station Lyre.
This year, despite significantly limited demand, over one hundred thousand square meters of office space is to be completed in new projects in Prague. Another more than 135,000 are under construction and are scheduled for completion in 2013. At the same time, there are 340,000 square meters of vacant modern office space in the metropolis.
Immorent is also embarking on the construction of industrial areas in the Czech Republic. At the western edge of Prague, Pavlov is preparing its first Immopark, which will cover 35 hectares. “In two to three weeks, we will start building engineering networks,” Kargl said.