Real Estate & Construction team at Taylor Wessing, led in the Czech Republic by Jakub Adam and Erwin Hanslik at the CEE level, is one of the larger players in the legal services market, consisting of nearly ten people. In our interview, Jakub Adam reveals why this is the case, but we will also get a glimpse into its functioning through his colleagues, who have received special questions from us. We will also learn what would help the real estate market and that it will not be a new building law. As well as how things are in this regard in Poland, Hungary, or Slovakia. Additionally, we will find out that soon there will not only be a problem with apartments, but we will also face a shortage of office space, at least according to Jakub Adam’s analysis of the current situation.
Introducing the Real Estate & Construction team at Taylor Wessing, Jakub Adam says that their strongest point is the breadth of their scope. This has allowed them to successfully navigate the challenging times of COVID-19. They are not solely focused on transactions but also provide advice across various areas of the industry, including leases, legal aspects of asset management, and other related fields. They also handle regulatory issues, especially in construction law, environmental law, and ESG in general. Their goal is to be attractive to clients not only in the initial stages of a project but throughout the entire lifecycle of the property.
The team is relatively large for the relatively small Czech market. Given the limited volume of transactions, they also focus on other areas. This work is a valuable source of information about the real estate market, helping them understand how clients‘ needs and preferences are evolving, especially regarding office space leasing, which is particularly interesting post-COVID-19.
When asked about the composition of the Real Estate team, Jakub Adam mentions that the team consists of three partners, three other lawyers, and three articled clerks, with ongoing discussions about further strengthening the team. Erwin Hanslik is a central figure in Real Estate in Central and Eastern Europe and leads this practice in CEE. Jakub Adam oversees the Czech practice, collaborating with partner Markéta Cvrčková.
Regarding how their individual teams in the region collaborate, Jakub Adam explains that each country in CEE operates differently, and a one-size-fits-all strategy is not feasible. The needs are specific, with a significant difference between the Czech and Polish markets. While Poland is a much larger market, it is also less saturated and heavily reliant on foreign investments. However, the Czech market is more local, with transactions occurring among a relatively closed circle of parties. They aim to connect their practices based on knowledge and through targeted business development. The current trend of Czech investors and developers expanding into Poland also helps them support and connect their Polish team.
When asked about the housing shortage in the Czech Republic and the surplus of office space, Jakub Adam disagrees with the notion of an abundance of office space. He acknowledges the housing shortage and mentions various approaches to address it, although there is no miraculous solution. While the new building law may not bring about significant changes, stabilizing permitting processes based on the building law and the urban plan in Prague is crucial. Overcoming distrust and negativity towards new construction in society is essential, as blocking development does not benefit society. The focus should be on building more, especially housing, which is a relatively agreeable point. However, translating this intention into practice is challenging, requiring the right people with the necessary tools and resources, such as digitalizing the building permit process. Ultimately, there needs to be a supportive environment for development.
Regarding office spaces, Jakub Adam clarifies that the entire interview can be read in Lawyers & Business issue 3/2024.