Passerinvest has begun the construction of the multifunctional building Hila in Prague's Brumlovka

Prague - Passerinvest Group has started construction of the multifunctional Hila building at Brumlovka in Prague 4. The project, in addition to rental apartments and shops, will offer 20,500 square meters of office space. After administrative developments on Rohanský Island and PernerKa in Prague 8, this is the third initiated office project in Prague since the second quarter of 2022. Hila is expected to be completed in spring 2027. Passerinvest announced this in a press release available to ČTK. The amount of investment in the construction has not been disclosed by the company.

"For two years, no significant office building has begun construction for the open market in Prague. The construction of the Hila building is also significant in that, after a series of reconstructions, a residential project, and non-profit buildings, a substantial office building is once again being built at Brumlovka, albeit with a multifunctional aspect," said Radim Passer, founder and CEO of Passerinvest.

In addition to offices, the project will include 71 rental apartments and 2,000 square meters of commercial space. The project will feature terraces for office users and loggias for residents. The architectural design of the project is by Aulík Fišer architekti, which previously developed the office building Roztyly Plaza for Passerinvest and contributed to the current form of Brumlovka. The construction contractor is Gemo.

The Hila building will be located at the corner of Vyskočilova, Želetavská, and Jemnická streets in Prague 4. The second to eighth above-ground floors will comprise the office section supplemented with rooftop terraces, while the ninth to fifteenth above-ground floors will contain rental apartments with loggias. Four underground floors will provide approximately 420 parking spaces designated for the building's tenants. The estimated completion of the office section is at the end of 2026, and the full completion of the construction, including the residential part, is anticipated in spring 2027.

Despite almost complete halting of office construction in Prague, Passerinvest believes that the building will quickly find occupancy. An analysis by the Prague Research Forum indicates that demand for Prague offices declined both year-on-year and quarter-on-quarter in the first quarter of this year, with over half of the demand consisting of renewals of existing leases.

"We perceive that new construction of administrative spaces has come to a halt, yet the demand for new office spaces, which will certainly meet high contemporary user requirements in the future, definitely does not disappear, not to mention apartments," added Eduard Forejt, Director of Development and Commerce at Passerinvest Group.

Passerinvest Group is a Czech investment and development company primarily focused on the construction of administrative and commercial buildings. It was founded in 1991. Since 1996, the company has been primarily associated with the Brumlovka project, formerly known as BB Centrum. In 2006, Passerinvest Group began construction in the former Interlov complex in Roztyly in Prague 11.