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Prague cancels rental contracts for city center exchange offices - Prague, Czech Republic

Prague cancels rental contracts for city center exchange offices – Prague, Czech Republic

Thanks in large part to due to media attention from Honest Guide, last year Prague shut down an unscrupulous exchange office on Old Town Square that was giving its customers drastically reduced rates.

Now, Prague is continuing to take action against city center exchange offices that have long gained notoriety in the Czech capital.

Citing both uncompetitively low rents and a need to protect customers from dishonest business practices, Prague City Hall has today cancelled the rental agreements with five exchange offices in the city center, reports Aktualne.cz.

The exchange offices in question are located on Wenceslas Square as well as Panská, Na Můstku, and Rytířská streets in the center of Prague.

Of those, the highest rent is paid by the Na Můstku exchange office, around the corner from high-end Na Příkopě street, at 38,700 crowns per square meter per year.

The average rent in that area, according to realtors Cushman Wakefield, is nearly double that price at 71,590 crowns per square meter per year.

According to Prague city councillor Jan Chabr, the goal is not only to make the rents at these locations economically viable, but also end dishonest business practices that have long been a stain on the Czech capital.

The development comes under a new Prague city government led by Pirate Party Mayor Zdeněk Hřib. The city is also plans to do a complete analysis of city center lease contracts, focusing on both rental prices and business operations.

Other city center businesses that are deemed to be damaging the reputation of Prague may also face termination of their rental contracts, says Chabr.