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News Release

Prague

Jones Lang LaSalle brings one more tenant to Futurama


Prague, 19th August 2009 – Jones Lang LaSalle is pleased to announce that its Office Agency team signed a lease with Otherm, a.s., bringing one more tenant to the Futurama Business Park, a project developed by Immorent ČR. 
Located in Prague 8- Karlín, the Futurama Business Park will consist of five buildings, totaling approximately 41,300 sq m of “A” class office space. Each of these will offer approx. 8,000 sq m. The first building of the project has recently passed its occupancy inspection.

Miloš Kocián, Senior Consultant within the Office Agency team informed: “Jones Lang LaSalle signed the first tenant, prior to the completion of the first stage of the project. Back then the media company Media Vision s.r.o. leased 393 sq m located on the ground floor of the A1 building. Now Otherm, a.s., one of the largest manufacturers of uPVC doors and windows in the Czech Republic, signed for 582 sq m in building C and 1,106 sq m in the A1 building, that is 1,688 sq m in total.
Futurama is an administrative project that has managed to increase the prestige of a not so distinct part of Prague 8- Karlín. Futurama offers its tenants a new high- quality office environment, the developer paying special attention to the use of efficient technologies, affectivity of space for the end-user and the design of the individual buildings of the project. The optimal combination of the above mentioned features is what makes the project a success and deems it attractive for tenants.”

“Generally due to the developers’ restricted access to financing, new speculative development has practically stopped. For this reason, we can already expect a shortage of supply of new office space during the following year. The shortage will be even more visible in 2011, limiting the selection for tenants. This will of course have an impact on lease pricing.

When examining the Prague 8 office market in detail, we can see that there currently exists a sufficient amount of supply. For this reason, we can expect supply to become an issue in this area with a short delay compared to other locations. This is caused by the fact that a large amount of new office stock was delivered to the Prague 8 market during the last year and, moreover, this new supply will satisfy demand for the next 12 months. This is why the vacancy rate in the Prague 8 district is currently culminating. For example the Prague 4 office market, which is Prague’s strongest office market, recorded a significant fall in vacancy during the last half year. During this time the vacancy rate fell from 12.16% to 7.4%, which goes to show that the rising issue of significantly low supply has already arrived in our market,” Eduard Forejt, Head of Office Agency, Jones Lang LaSalle, adds.