Remodelling an iconic commercial building and preserving its historic heritage is a challenge. Finding a perfect tenant mix for a long period is an even bigger problem. Property Forum asked Oliver Balogh and Viktor Balogh, founders of Corvin Palace Kft. about the ways the development company met these challenges.

Colliers has promoted Josefina Kurfurstova to the newly created position of Senior Analyst - CEE Business Intelligence covering Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovakia.

Lifestyle and leisure hospitality company Ennismore announced the signing of SO/ Budapest, the brand’s first destination in Hungary. SO/ Budapest will open in 2026, following extensive refurbishment of both the exterior and interior of the building.

The value of construction works launched in three months rose in Q1 2024, Activity-Start hasn’t been so high in the last six quarters. EBI Construction Activity Report Q1 2024 measured the total value of started construction works at HUF 807 billion. Looking at the period between 2018 and 2023, there were very only five quarters when Activity-Start surpassed this number. At constant prices, Q1 2024 was also considered good when looking at the period since June 2022. Nevertheless, when compared to the period between 2018 and H1 2022, it fell into the lower range.

The WING Liget Center multi-building development will involve not only the reconstruction of two buildings listed as historic monuments – serving as the main offices for TV channel RTL – but a brand-new boutique office building named Liget Center Vitrum will also be completed in the autumn. Construction is proceeding on schedule, and the Vitrum building is now structurally complete. Vitrum is a nearly zero energy building and will offer a total of 2,200 square metres of leasable office space over six floors. The building will be handed over in its shell and core stage in autumn 2024.

With the addition of János Gárdai in April and Dr. Ildikó Rézműves in May, Biggeorge Property Plc.'s top management was further expanded. The two new directors are responsible for the areas of asset management and communications in the Hungarian company. János Gárdai also serves as a member of the Board of Directors. The organizational transformation is driven by expansion goals and the objective of optimizing current operations.

Atenor announced that the first phase of its BakerStreet project in Budapest has successfully obtained its occupancy permit. This Class A+ office complex located in South Buda was planned and built according to the strictest ESG criteria. The leasing agreement for the entire building of 16,643 sqm was signed by E.ON Hungaria Group, the German energy solutions giant. Tenants are scheduled to commence occupancy starting in June.

Regus Centerpoint will be a workspace with co-working spaces, private offices, meeting rooms and creative spaces. This opening follows a partnership agreement with GTC Hungary, who has invested in the IWG platform to create a branded flexible workspace in their building.

The vacancy rate at the end of Q1 2024 reached 8.9% in Greater Budapest, representing a 0.3 percentage points increase quarter-on-quarter, while an increase of 3 percentage points was registered year-on-year, the Budapest Research Forum reports.

The office vacancy rate increased to 13.8% in the first quarter of 2024, representing a 0.4 pps growth quarter-on-quarter and 1.5 pps increase year-on-year. However, the net take-up showed a healthy 25% growth, the Budapest Research Forum (BRF) reports.