Tuesday, 3 November 2026
Zeitgeist Asset Management has started converting an office building in Prague 4 into student accommodation with a capacity of 394 beds. The redevelopment of Táborská 31 in the Nusle district is expected to be completed by the end of 2027, with the first residents scheduled to move in during February 2028. The company has not disclosed the investment cost.
The building, constructed in the early 1960s, was acquired by Zeitgeist in 2020. Previously associated with the Czechoslovak engineering organisation Hydroprojekt, the property continued operating as an office building until recently, maintaining occupancy levels of approximately 90% to 95%. Despite this relatively high occupancy, the owner decided to change its use as the building’s technical specifications became less competitive with newer office developments.
The decision reflects a wider challenge facing owners of older office properties in Prague. Buildings that do not meet current tenant requirements may require substantial investment to remain competitive, particularly as occupiers increasingly prioritise energy performance, flexible layouts and modern technical infrastructure. Conversion to residential or other uses offers an alternative, although the feasibility of individual projects depends on construction costs, planning requirements and achievable rental income.
Zeitgeist considered several options for the property before selecting student accommodation. The company cited demand for dedicated student housing in Prague, where privately operated residences can reach full occupancy ahead of the academic year. However, the announcement did not provide independent market data on student housing supply, vacancy rates or rental levels.
The redevelopment will include single and double rooms alongside studio and larger apartments, with some accommodation designed for people with reduced mobility. Shared facilities will include study rooms, kitchens, dining areas and recreational spaces. The project is being designed by arkhe D&B, with SIS Construction appointed as general contractor.
The construction programme will retain the existing building structure and reuse selected materials and fittings, including glass blocks, furniture and fire-protection components. The developer also plans improvements to the building’s energy systems and is targeting a BREEAM Refurbishment & Fit Out rating of Very Good. The certification has not yet been awarded.
The property is located near Vyšehrad, with tram connections and access to the Pražského povstání metro station. Public transport journeys to central Prague take approximately 10 to 15 minutes, according to the developer. The location provides access to established residential neighbourhoods and public transport infrastructure without requiring a new development site.
For Prague’s commercial property market, the transaction provides an example of an office-to-residential conversion involving a building that was still substantially occupied before redevelopment. The change of use suggests that owners may consider alternative investment strategies even where existing rental income remains relatively stable, particularly when future refurbishment costs and the competitive position of older offices are taken into account.
The addition of 394 student beds will increase the city’s dedicated accommodation capacity, although its impact on the wider housing market will be limited by the project’s scale. Zeitgeist has not published projected accommodation charges, operating assumptions, development costs or expected investment returns, making it difficult to assess the financial performance of the conversion at this stage.
