News, analysis and lease transactions from the Hungarian office market
The premium office building in downtown Budapest has two new tenants. There has been almost 1,600 square meters of transactions completed during the summer and that leads to an outstanding occupancy rate of 88% at Bank Center.
Increasing demand for retail space, more and more office tenants beyond the Oktogon - In 2013 the real estate market of Andrassy Avenue became active once again: a number of new brands entered the street’s retail pitch, the fate of the former Ballet Institute finally seems settled, and more and more companies are choosing the classical mansion buildings as their headquarters - according to a snapshot of CBRE.
Váci188 Office Building reopened in Budapest, Hungary, with dynamically growing ICT companies, as well as financial services and consulting firms. 1,700 square meters have been leased in Váci188– owned by developer, ORCO Property Group - to companies that achieved favorable terms through collective negotiations, currently characterizing the office market.
Construction of the International Commerce Center (ICC Tower) was completed in 2010. The tower opened in 2011, with the Ritz-Carlton(102-118floors - currently the highest hotel in the world) opening in late March and the observatory in early April. ICC Tower's gross floor area is 274,064 m2 / 2,950,000 ft2.
Deutsche Telekom is to set up its International TV Service Centre in Hungary, to co-ordinate the development of high added value television services of its subsidiaries in Croatia, Greece, Macedonia, Montenegro, Romania, Slovakia and Hungary.
Hungary’s central bank has signed a three-year bilateral foreign currency swap framework agreement worth 10 billion yuan (EUR 1.23 billion) with the People’s Bank of China, the National Bank of Hungary said on Monday.
State-owned energy company MVM is planning to borrow Ft 140 billion to finance the acquisition of E.ON’s gas storage and gas trade operations in Hungary, sources told Népszabadság after the EGM on Thursday.
Banks signed loan contracts with SMEs for 184 billion forints under the National Bank of Hungary’s Funding for Growth Scheme by the middle of August, a report published by the central bank on Thursday shows.
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