ARTICLES LABELLED WITH TAG Hungary

In the middle of August, the whole world was once again in Olympic fever, as Rio hosted the 31st Summer Olympic Games. The event bears significance for Hungary, beyond the achievements of its athletes, because Budapest is one of the cities which has applied to host the 2024 Summer Olympics.

CBRE Hungary continued its expansion in 2016: the project management team has expanded to five members, and the work of the retail real estate unit is supported by a new senior professional. The team responsible for capital market operations is also completing significant orders, so this area has also increased the number of staff in 2016. The industrial property experts, in turn, have set a record with the market share of CBRE.

As the term of three board members ended, RICS has presented its new board in Hungary. Further strengthened by strong professional and business skills, the new board represents an interesting mix of areas covered. 

The Budapest commercial property market has seen a real turnaround over the past two years. Demand is evidently strong for quality office and logistic space in many parts of the Hungarian capital, including its airport. Budapest Airport has an area larger than London Heathrow and ambitious long-term plans that aim to attract a wide range of companies, including cargo and logistics operators. René Droese and Réka Sebestyén, responsible for the property business of BUD, talked to us about the airport’s development plans.  

V17, a new office building located at the beginning of the Váci corridor in Budapest has officially opened. The seven-storey sustainable building offers nearly 13,000 square meters Class A office space, most of which is let to E.ON Hungary Zrt. for long term. V17 is owned by Torony Ingatlan Befektetési Alap represented by Diófa Alapkezelő Zrt., and was developed by Hungarian commercial real estate developer WING Zrt. Building V17 required a HUF10 billion investment.

Today one quarter of modern office buildings in Budapest have a sustainability evaluation certification, and even among the older office buildings a growing number apply new technologies. Almost all new real estate entrants offer architectural and environmental management solutions to their future tenant, says a report by CBRE.

Horizon Development has laid the cornerstone for its new office project. Promenade Gardens, located on Budapest’s Váci Road, is expected to be completed in Q4 2017.

Cushman & Wakefield’s EMEA structured finance team has secured a €50+ million refinancing for Budapest’s Four Seasons Hotel Gresham Palace on behalf of SAS Holding Kft, the owner of the hotel building.

Total leasing activity amounted to 84,600 sqm on the Budapest industrial market in Q3 2016, which marks a 9% decrease on the previous quarter and a 37% ascent on a yearly basis.  The Budapest Research Forum has published its quarterly industrial market analysis.

The vacancy rate has increased for the first time in two years on the Budapest office market in Q3 2016. Still, net absorption reached a positive volume, reflecting a healthy market environment. The Budapest Research Forum has published its quarterly office market analysis.