Office Garden Office Park is expanding, the construction of Office Garden IV has started
May 22, 2019
The popular office park of South Buda office market is expanding, the construction works of Office Garden IV has started. After the success of the first three phases GRT Group, the developer has decided on starting the construction works of phase 4. The office building is exclusively represented by Robertson Hungary as in the previous phases. Office Garden IV is scheduled to be completed in Q2 2021.
GRT Group has started the construction works of Office Garden IV. Office Garden Office Park, planned for 5 phases is located at one of the most dynamically developing area, in the 11th District of Budapest, at the intersection of Szerémi Road and Hengermalom Street. The office park offers modern, grade ‘A’ office areas in green surroundings. The main façade of Office Garden IV is going to face Szerémi Road. The construction will be carried out based on high technical standards, offering under the average operational costs. GRT Group pays special attention to sustainability, and efficiency of the office space as well as the office building. The 4th phase is going to be completely natural gas independent and as the preceding phases intends to acquire LEED certification. The approx. 20,000 sq. m phase 4 is scheduled to be completed in the second quarter of 2021. The building is represented by Robertson Hungary just like the previous phases.
Not only Office Garden but its surroundings also have been developing dynamically since the handover of the first building. The available services in the direct neighbourhood of the office park are continuously improving, more and more restaurants and cafés are opening. Furthermore, Újbuda Center, right across the road, provides everyday convenient services like supermarket, post office, dry cleaning etc. The most important advantage of the location is that thanks to the latest infrastructural developments there’s an easy access to the city centre, to the southern areas of Pest via Rákóczi Bridge, to M1/M7 motorways and to the airport. Metro 4 and tram 1 cut down the travelling time between Office Garden and the most important traffic interchanges of the city.
Office Garden Office Park and South Buda office market are outstandingly popular among tenants. After the Váci Road the largest number of office areas was leased in South Buda. 15% of the annual net take-up in 2018 was realised in this submarket, in addition the leasing figures of the first quarter of 2019 is also promising. A strong demand was registered for new developments, which is proved by the fact that 78% of the new office areas delivered in 2018 was pre-leased before the completion of the office buildings. Landlords also have a considerable volume of pre-lease agreements for the new office buildings scheduled for 2019 and 2020. The negotiations of the projects for 2020 are also close to conclusion, thus for tenants who have started to look for office areas this year might not have a chance to find adequate office areas in size and quality, only in the developments of 2021. Practically speaking this increased interest boosted the launch of Office Garden IV, as no vacant areas were left in the previous phases. ‘Robertson Hungary has been working on the leasing of Office Garden since the start of the first phase, our colleagues have the in-depth know-how of the building and are aware of tenants’ expectations and opportunities of the project. We firmly believed in the success of the project from the beginning, and the feedbacks and great performance of the office park confirmed that our concept was right.’ – summarized Róbert Tilki, Managing Director at Robertson Hungary.