The Praha City Center, owned by Amundi Asset Management, has been part of Petrské Square for more than two decades. Read the recipe for long-lasting success in the real estate market.
The Praha City Center office building, currently owned by Amundi Asset Management, has been part of Petrské Square in the centre of Prague for more than two decades. It is one of the first modern office schemes built in the Czech capital. It has to be said that the developer EPD endowed it with many good facilities. As a result, the building does not appear to age but enjoys steady occupier satisfaction, and its modest patina underpins its time-tested quality. Let us take a closer look at the recipe for 22 years of success in the real estate market.
Excellent real estate DNA
- Location. Location is the foundation of success for any commercial property, and the site for Praha City Center is an excellent choice. Petrské Square is situated in Prague 1, out of reach of the busiest traffic yet still within pleasant walking distance of several public transport stops, and also quite close to the arterial road that crosses the city centre.
- Flexibility. Comprising a total leasable area of 17,705 sq m, the building was designed with maximum flexibility in mind, so occupiers can enlarge or downsize their premises depending on their current needs. Maybe this is also why several occupiers have been loyal to Praha City Center for all of its 22 years (one example being the Baker & McKenzie law firm).
- Services. The building boasts a number of services available to occupiers. Outlets are located directly on the premises (a hairdresser, a butcher’s, a car wash, a restaurant and a café) as well as in the vicinity, whether it be the Petrská Quarter, Florenc or Republic Square. The green terrace on the roof serves all tenants, offering pleasant relaxation during business days.
- Quality execution. The building was built to very high-quality standards in terms of both structural and technological design. Technologies are often an issue for property management over a long period of time, and repairs can be very time-consuming and costly. Praha City Center has successfully avoided these types of problem.
How do you keep a building looking new all the time?
- Trendy common areas. Praha City Center is proof that maintaining a contemporary look of the reception desk and lobbies on the individual floors throughout the years definitely pays. The premises should give occupiers and visitors a good impression. It certainly pays to maintain a basic knowledge of the current trends in interior design, which evolve towards being informal and using natural materials (primarily genuine wood) and lots of greenery.
- Quality tenant interiors. The areas leased to occupiers also need to be maintained; therefore it is advisable to encourage companies through incentives to invest in original and timeless designs.
- Rooftop terraces. Utilising rooftop terraces in office schemes is the current trend, and we recommend property owners to allow the terraces to come alive and make them accessible to tenants wherever possible. We are responding to demand from occupiers who want to use these types of space for relaxation and informal meetings. And it would be such a pity not to enjoy the beautiful vistas of Prague’s ancient centre that Praha City Center offers.
- Regular investments in the property. All Praha City Center owners to date approached the scheme very responsibly, honouring the long-term investment plan year by year, and the current owner continues that strategy. Over the years, the shared relaxation terraces, reception areas and common areas have been refurbished. Security was also enhanced by installing a window security system and turnstiles at the building entrances.
- Environmental policy. Many of the measures were aimed at saving energy and conserving the environment: lighting fixtures were replaced by energy-saving LED technology; the BMS was upgraded including an MBUS system that allows for secondary utility consumption metering and monitoring; amenities for cyclists were built; a modern waste recycling scheme was set up; and water saving taps and toilet flushing systems were installed.
- Green certification. The investments in green technologies have enabled the building to subsequently obtain a BREEAM In Use certificate – a strong confirmation that the scheme can keep up with the latest office space developments.