In Olomouc, the construction of several hundred offices is being prepared

New Envelopa

Olomouc - Construction of residential and administrative complexes is being prepared in Olomouc. The local real estate market is expected to expand with hundreds of new offices and apartments. This is stated in the report on the Implementation of the Strategic Plan, which was discussed today by the Olomouc City Council.
    Two six-story administrative buildings named New Envelopa are to be built near the intersection of Kosmonautů and Wittgensteinova streets. The investor is CS Property Private. "The project is in the documentation preparation phase for the building permit," states the report.
    The development company Hopr Group has already started the reconstruction of an unused silo near the center of Olomouc, which it plans to convert into a four-story administrative building with an investment of 45 million crowns. Offices covering a total area of 1000 square meters are expected to be operational next spring.
    At the site of the former malt houses and cold storage on Wolkerova Street, Hopr Group also plans to build houses with 170 residential units and commercial spaces within five years, in addition to the already operational Ibis hotel.

CPI City Center Olomouc

    In the vicinity of the new shopping center Galerie Šantovka, SMC Development is preparing to build the Šantovka Tower high-rise building with 80 apartments, which, due to its 75 meters, should share the status of the second tallest building in the city with the town hall. The construction is expected to cost around 400 million crowns.
    If SMC Development obtains all necessary permits, it plans to start the Šantovka Tower project in 2014, with construction expected to take 16 to 18 months. The project also includes an administrative district. "Work on these additional phases will begin after the completion of Galerie Šantovka," project spokesperson Juraj Aláč told ČTK today.
    The supply of administrative spaces in Olomouc is gradually increasing. For example, in September, CPI opened a new multifunctional complex CPI City Center Olomouc near the main railway station, offering a total of 6700 m² of office space. Almost 5000 m² has already been rented by Raiffeisenbank.
    New offices are also available in Olomouc in the recently completed BEA center complex or in the renovated Salm Palace building in the historic center of Olomouc. Olga Němcová, executive director of the Regional Center Olomouc administrative building, previously pointed out that the Olomouc market is becoming tight due to the growing supply of office spaces and the economic crisis.
    "The prospects for significant economic growth in the Czech Republic have long since vanished, and it was to be expected that the negative consequences would also be reflected in the demand for non-residential space rentals in Olomouc, especially considering the numerous development projects that were being prepared," Němcová stated in the RCO's 2011 annual report. According to her, RCO still managed to keep non-residential spaces fully occupied. RCO operates an administrative-commercial building near the main railway station in Olomouc. Last year, the company increased its revenue from 81.4 million crowns in 2011 to 84.4 million. The year before, its revenues had stagnated.