Eastgate Park is attractive mainly due to its location inside the metropolis. “The Czech Republic is becoming an important and growing market for tenants of industrial premises,” commented Mietek Godzisz, head of Hines’ Prague office, adding that the location of the Eastgate business park is one of the best on the market due to its transport accessibility.
Hines Global owns a real estate portfolio with a total value of $ 2.3 billion, in terms of over 50 billion crowns. About half are industrial real estate.
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The Charnwood Company has been the owner of Eastgate Park since 2008, when it acquired it from OSPAP, the largest distributor of paper products in the Czech Republic. It reconstructed warehouse and office buildings to suit tenants, such as Papyrus Bohemia and ViT Logistics. Two years ago, Charnwood expanded the premises with a new hall for the logistics company Transconsult International.
The Charnwood Company was founded in 2001 by the American David Bouck, who until then had worked in the domestic branch of the American development company AIG Lincoln as the leader of the project acquisition team for construction in the Czech Republic.
Štěrboholy is one of the few locations where logistics projects can still be carried out in Prague. Other established industrial areas are gradually giving way, especially to residential construction, as recalled by the consulting firm 108 Agency. This may complicate the so-called city logistics in the future: it will be difficult to reconcile the requirements for the speed of supply of the city with the location of warehouses on the periphery.
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The total area of modern industrial space for rent in the Czech Republic is almost nine and a half million square meters. The pandemic increased the demand of tenants, especially from online stores, and even more intensified the construction of halls.
Last quarter, 177,000 square meters of warehouse space in twelve industrial parks were completed, according to the Prague Research Forum. This represents a year-on-year increase of sixteen percent. At the time of completion, over ninety percent of the projects were pre-leased.
Inventory vacancy continues its downward trend, reaching an average national level of 2.5 percent at the end of the third quarter. In the capital, it is already below two percent.
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