Penta Real Estate has obtained a building permit for the Hybe project - the conversion of the former Česká pošta building at 15 Hybernská Street into a modern office and retail building. The total investment will reach CZK 1.1 billion and completion is planned for the third quarter of 2028.
The Prague market for industrial and flexible commercial space is growing. Charnwood is completing the first phase of Malešice Business Park, which is due to be handed over to tenants in July this year - and is already 90% pre-leased. This speaks volumes about the demand for similar space in Prague.
Czech commercial property developers are facing increasing pressure. The cost of euro loans has skyrocketed due to geopolitical tensions in the Middle East - while crown loans have risen by around a fifth, euro loans are already almost a quarter more expensive. And it is in euros that the financing and sales of commercial development are largely denominated.
The transformation of the Masaryk Station area continues. Penta has obtained a building permit for a new multifunctional building in Hybernská Street, on the site of the former post office adjacent to Masaryk Square. The project, internally named Hybe, will complement the already completed Florentinum, Masarycka and Cloud One hotel buildings.
One of the most talked about places in the centre of Prague is finally coming to life. On the site of the former brutalist Transgas complex near the Museum, a modern multifunctional building is being built - the Vinohradská 8 project, which will bring new boutique offices, apartments and a commercial parterre to the prestigious location on the border of Prague 1 and 2.
Office leasing volume in 18 major European markets totaled 1.67 million m² in the first quarter of 2026, down 16% year-over-year and by the same percentage below the five-year average. The main reason is a slowdown in large transactions; amid economic uncertainty, tenants are opting for smaller, high-quality spaces.
The decision to lease office space is not just a matter of price per square foot. In companies with over 100 employees, office location determines access to talent, brand perception and day-to-day productivity. Smíchov and the wider Prague 5 area are undergoing a transformation that is changing these factors in favour of tenants.
Prague 5 - Smíchov is undergoing the biggest transformation of all Prague districts. Extensive construction of new office campuses and complete modernization of transport infrastructure are turning this location into one of the most sought-after addresses for office space in Prague.
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