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Prague’s co-working market sees big rise

The number of co-working and flexible serviced offices buildings in Prague has risen by 150 per cent since 2017 and the share of co-working spaces leased in new office spaces grew from two per cent in 2017 to 10 per cent by mid-2019.

Real Estate consultancy group CBRE reports that the rise in popularity of co-working spaces is a significant trend driving the office property market forward, with millennials increasingly prefering the individual approach, high-quality services and networking opportunities that co-working centres offer.

“Our research reveals four main reasons that motivate companies to choose co-working spaces: coping with an increase in short-term demand, cost reduction, testing an alternative workplace, and as part of efforts to attract new talent,” commented Lenka Hrudíková, Co-working and Flexible Office Specialist at CBRE. “The last reason is becoming increasingly important with regards to the approach of the millennial generation to work, and the long-term low unemployment rate.”

The expectation is that the share of co-working offices, as part of the total volume of newly leased administrative space, will exceed 15 per cent this year. With more than 30 such centres, Prague is rapidly becoming the co-working hub of Europe.