Complex ArtGen Office Gallery in Holešovice has received its occupancy permit

Prague - The administrative and commercial complex ArtGen Office Gallery in Prague's Holešovice, owned by PPF Real Estate, has received its occupancy permit. Currently, a quarter of the space from 23,000 m² of top-quality A offices is leased, said Michal Dostál, the project's marketing manager, to ČTK. The new building is expected to be fully occupied within two years.
    "At the time of occupancy, ArtGen Office Gallery was approximately one quarter occupied. We are in talks about other spaces with both small and large interested parties. Depending on the development of demand in the real estate market, we anticipate that the building should be fully occupied within the next two years," stated the marketing manager of ArtGen Office Gallery, Michal Dostál.
    Among the first tenants is the Czech online store Mall.cz, which will open its new branch here along with offices at the beginning of July. The Kolkovna restaurant is expected to start operating as early as April.
    The construction of the complex of two administrative buildings, which received LEED Gold ecological certification, cost over 800 million crowns. The creators aimed to combine offices with art, so various artworks adorn the interiors. On the top floor of the building, among other things, there is an Art Showroom, where various artistic events and happenings take place and will take place.
    In recent years, Prague has experienced a boom in office construction. Last year alone, 149,000 m² of administrative space was completed in 16 buildings in the capital, the highest since the pre-crisis year of 2009. However, the vacancy rate has increased, and currently 15.3% of the spaces are without tenants.
    By the end of 2014, the total area of modern office space in Prague exceeded three million m². Category A buildings represent 68% of this total area, while category B offices occupy the rest. This year, the completion of 183,000 m² of office space is planned.