A sharp decrease in speculative development across the Czech Republic may lead to the lack of new modern office space in two years' time, says international property services firm DTZ. As a result of the deepening global financial crisis, developers are no longer building on such a speculative basis, a report released by DTZ shows. The broker points out that developers have today a lower chance of obtaining project financing for office development which do not already have a significant part of the space pre-leased.
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