News, analysis and lease transactions from the Hungarian office market
The Hungarian representation of the American watch manufacturer has decided to move its headquarters in Budapest from the 3rd district to Science Park, and will occupy a new office space from Q1 2014. – said Petra Holy, Associate Director at Colliers International Office Agency.
Colliers International, a leading real estate management services provider, was instructed by IMMOFINANZ Group to manage eleven office and industrial properties located in Bulgaria, Hungary and Poland. The total volume of the managed portfolio exceeds 167,000 m2 of GLA.
Although the Hungarian office investment market is currently not doing very well, it has huge potential, according to the latest research by the Round Table of Real Estate Developers prepared by Eltinga and DTZ. Companies relocating here will find highly skilled labour that is among the cheapest in Europe; the lowest cost per work unit; a regional transport hub; and a continuously growing metropolis.
RICS, the Royal Institution of Chartered Surveyors, has just released its first Commercial Property Monitor for Hungary. RICS conducts the global survey quarterly to provide a relative measure of market sentiment in commercial real estate markets globally. This is the first time RICS has produced an independent country report on commercial market trends.
In 2013 the international property advisory firm, Jones Lang LaSalle (JLL) represented its office occupier clients in nearly 50,000 sq m of office space transactions. This is the 6th consecutive year since 2008 in reaching the largest market share of the Tenant Representation market.
The Budapest Research Forum (BRF, which comprises of: CBRE, Colliers International, Cushman & Wakefield, DTZ, Eston International, Jones Lang LaSalle and Robertson Hungary) hereby reports the Q4 2013 office market analysis.
The majority of retailers will increase store openings and seek to create larger experiential stores to drive footfall in 2014 as a direct result of their multichannel strategies, according to a new study by global property advisor CBRE.
After Austria, Croatia, Hungary, Romania and Serbia the international office search portal is now presenting offices in the Spanish market on www.oficinainfo.es.
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