Orco has started offering planned offices for rent in Prague-Bubny

Prague - The real estate company Orco Property Group has begun looking for tenants for the first two office buildings that are to be built on the site of the railway station in Prague's Bubny. Both buildings are expected to have more than 50,000 square meters. This was reported today in a press release by the international consulting company DTZ, which will handle the leasing of the buildings for Orco.
However, the search for potential tenants does not automatically mean that construction will begin. "We will not start building until we have tenants for 50 percent of the space," said Orco spokesperson Petra Zdeňková to CTK.
A larger number of pre-leased offices are currently required by banks to lend to developers for construction at all. Measures taken due to the financial crisis have almost completely halted speculative construction without pre-arranged tenants.
The two office buildings are to be the beginning of a much larger project. The multifunctional complex in Bubny is to spread over 25 hectares. The company has estimated the costs to exceed 70 billion crowns. Representatives of the company have previously not ruled out that they may collaborate with other firms during the construction of the new complex in Bubny or assign part of the project to them.
Orco is currently undergoing restructuring. It has laid off 220 employees and closed some offices. Changes have also occurred in management, where two key managers have left. Small shareholders of the company, whose shares are also traded on the Prague Stock Exchange, have formed an association with the aim of protecting their investments.