Prague - A new office building named Tetris Office Building is being constructed in Prague 4 near the Budějovická metro station. It is expected to be completed in the second quarter of 2013. The project was presented to journalists today by the real estate consulting company Jones Lang LaSalle (JLL). The builder is a foreign private investor who has primarily operated in Russia and is building in the Czech Republic for the first time. The company wished to remain anonymous. In comparison to other office projects in the area, the emerging building will be smaller, offering 4,821 square meters of office space for rent. The builder's intention is not to sell the building after completion; they wish to operate it long-term. Additionally, the developer is preparing another office project in Prague with an area of around 10,000 square meters, said Eduard Forejt, head of the office property department at JLL. The developer started construction in Prague 4 on a speculative basis, that is, without pre-arranged tenants. However, JLL is already negotiating with interested parties for rent, and has even reached agreements with some companies, Forejt stated. The Prague office market continued to decline in the third quarter, recently reported by the association of consulting firms Prague Research Forum. Owners of administrative buildings leased out 11% less office space year-on-year, and the market declined by 38% quarter-on-quarter.
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