Developer Crestyl builds offices in Prague's Libeň for a billion

Prague - The development group Crestyl has started the construction of a new administrative building DOCK in Three, which is part of the DOCK district emerging in Prague's Libeň. The total investment is over one billion crowns. The project is expected to be completed in the second quarter of 2019, the company’s spokesperson Ondřej Micka announced today.

The six-storey building will be located around two blind arms of the Vltava River. It will offer 16,000 square meters of office space, which approximately corresponds to the area of one third of Wenceslas Square in Prague. An additional 1,500 square meters will be designated for restaurants and services. There will be nearly 200 parking spaces in the basement.

Along with the completion of the administrative building, the opening of a relaxation park covering one hectare in direct proximity is planned.

The newly emerging DOCK district is at the junction of Libeň, Karlín, and Holešovice, around two blind arms of the Vltava River. It is being built in several phases and will offer a total of 120,000 square meters of offices and apartments. Crestyl estimates the total costs at 7.5 billion crowns.

According to data from the consulting firm association Prague Research Forum, there were 327,800 square meters of office space under construction in Prague at the end of the first half of the year. Last year, 33,000 square meters were completed. This year and next year, experts predict that completed construction will return to the usual level of 160,000 square meters of new space per year.

The share of vacant offices in Prague decreased by 3.7 percentage points year-on-year to 8.6 percent by the end of the first half of the year.

Between 2019 and 2022, several other projects are planned, according to the consulting company JLL. Examples in the city center include Masaryk Railway Station (Penta), Savarin (Crestyl), and Vinohradská (HB Reavis). Other projects include Smíchov City, Rohan City, another phase of Rustonka, or modifications of BB Centre.

The Crestyl group has been active in the Czech market for 20 years. In addition to the Libeň project, it is also renovating the Savarin Palace in the center of Prague.