75% of the deals transacted by the team were a result of renegotiations and renewals. The remaining 25% was concluded for new office space lettings. Lease renegotiations were signed by Avaya, Béflex, Nestlé, Philips, Xerox and White&Case among others. “It is an outstanding result for our team to represent the largest Tenant Representation transaction of the year on behalf of an American SSC on 19,000 sq m located along Váci Corridor. There were two new companies opening their first operation in Budapest, Systemax and Greif, which can be considered as an improvement of the Budapest office market” – said Maria Starmann, Head of Tenant Representation at Jones Lang LaSalle.

Greif, Johnson&Johnson and Teva voted for relocation. Despite the volatile market conditions JLL achieved exceptional financial savings for their clients and subsequently secured maximum safety in finalising the deals. Some transactions were preceded by strategy analysis in order to fully understand the requirements. This helped the advisors to identify the best office buildings for their clients, producing the best possible outcome for them.

“We are extremely proud to have won close to 50% of our last year’s transaction volume locally. The other 50% of market share was taken by global Corporate Clients of Jones Lang LaSalle” – added Maria Starmann.

Following the success of 2013, the Tenant Representation team is very optimistic and looking forward to another strong year in 2014. JLL kick-starts the year with approximately 40,000 sq m Tenant Representation assignment along with some others in the pipeline.
The Tenant Representation team and the Project and Developments Services department are currently working closely together in a number of office projects; representing an energy firm in their Headquarters project and cooperating in the office transaction of a large shared service centre as well.