Czech mall development slows

Development of retail parks in the Czech Republic has slowed to its lowest rate in 10 years, according to new figures from Cushman & Wakefield.

Last year, the Czech Republic saw just 23,000 m2 of new retail park development, with six new sites, ranging from 2,500 m2 to 5,300 m2.

‘The retail park market has experienced a boom during the last 15 years. The result is the 157 existing parks with a total stock of 713,000 m2. In effect, an average of almost 50,000 m2 of new space was built every year,’ says Jiri Kristek, head of the retail warehouse team at Cushman & Wakefield.

‘This phase has ended, however. We estimate new development to stabilise at around 20,000 to 30,000 m2 per year.’

Want to hear from experts about the latest developments and opportunities in the Czech real estate market? PropertyEU is holding a CEE Investment Briefing in London on 8 May.