South Buda Is the Next Favourite Location for Companies and Office Developers
November 27, 2017
The public transport developments of the recent years, the proximity of major universities and the vibrant residential developments make South Buda attractive for companies. Recognizing the situation, more and more developers are building new office buildings in the area. Bischoff & Compagnons has also scheduled the delivery of the Alphagon Office Building by mid-2019.
The launching of metro line 4 in 2014, the extension of tram no.1 in 2015 to Fehérvári road, and the extended tram network delivered in 2016 have greatly improved the access of South Buda not only from the downtown and the suburbs of Pest but also from the agglomeration of Buda, so today the district has one of the best public transportation networks in Budapest.
In recent years, South Buda has not been abundant in new office buildings however the demand for modern offices has remained present, so it is no wonder that the market is virtually full: the office space vacancy is barely above 3% which means that not only larger tenants but also the smaller ones are often struggling to find a suitable office for their businesses.
„So far South Buda has been characterized as a smaller scale IT hub on the Budapest office market, where the proximity of the universities has attracted a number of small, medium and large companies. The financial crisis had restrained the investments in the office market which has recently gained a new momentum as developers in the favourable market have realized that there are plenty of good location opportunities in this neighbourhood and the tenants still have a significant demand for offices in the area” – summed up the office situation Mátyás Zórándy, Regional Investment Manager of Bischoff & Compagnons.
„The Alphagon office building which is being built by Bischoff & Compagnons and will be completed by mid-2019 has been designed to provide the ideal environment for both small and medium-sized businesses and large business tenants. We believe that today the biggest challenge for companies is to acquire and retain the right workforce and in such times employees prefer good access to public transportation and human scale environment. There is a serious advantage for a company that provides these conditions to its employees, i.e. not having to change and to spend a substantial part of their day with commuting and South Buda is directly accessible from the majority of the city” – added Mátyás Zórándy.
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