Wednesday, 15 July 2026
Cresco Real Estate plans to broaden its investment strategy in the Czech Republic by pursuing redevelopment opportunities in older office and commercial buildings alongside its existing focus on brownfield developments.
The developer said it is assessing opportunities to convert older properties that no longer meet current market requirements into residential projects, reflecting continued demand for housing and growing interest in the reuse of existing urban buildings.
“Brownfield developments remain an important part of our strategy, but we also see increasing potential in existing buildings. Many were designed for different market conditions than those that exist today. In some cases, converting them into residential projects may provide an effective alternative to new construction,” said Aleš Svatoň, CEO of Cresco Real Estate Czech Republic.
According to the company, it is currently evaluating several redevelopment opportunities and is in discussions with owners of additional properties in the wider Prague city centre.
As occupiers increasingly favour modern office buildings with higher environmental standards, improved technology and better workplace environments, owners of older office properties are faced with decisions on whether to modernise, repurpose or redevelop their assets.
Cresco said it is focusing on buildings located in established urban areas with good transport connections and existing public infrastructure, where a change of use could create additional residential capacity.
The company said each potential project is assessed individually, taking into account the building’s technical condition, layout, location, economic viability and suitability for residential conversion.
According to Cresco, redevelopment projects can benefit from existing infrastructure and public amenities, which may reduce preparation times compared with projects on previously undeveloped sites.
The company said its strategy reflects a broader trend towards adaptive reuse and the redevelopment of existing buildings. Reusing structures where feasible can reduce demolition, make more efficient use of already developed land and contribute to more sustainable urban development.
Building conversions have become an increasingly common approach in European cities as developers seek to extend the useful life of existing properties while responding to changing market demand.
Cresco Real Estate has previously completed redevelopment projects in Prague, including the first phase of SO-HO Rezidence in Holešovice, where one of the original buildings from the former Tesla industrial complex was renovated and converted into residential loft apartments while preserving elements of its industrial architecture.
The developer has also modernised the Metropolitan office building on U Uranie Street in Prague 7.
According to Cresco, redevelopment of existing buildings is intended to complement, rather than replace, its brownfield development activities as both approaches contribute to expanding housing supply and the regeneration of urban areas.
