The Váci út office corridor, the central business district (CBD) and the inner quarters of Pest are the most significant office locations in Budapest. The Budapest office of CBRE, the world’s leading real estate consultant, has synchronized its office market database with the metro lines and stations to highlight the current status of the city’s office market.
WING is transforming the Material Center building, which until now has operated as a shopping mall, into a high quality yet cost-effective office building, giving it a new lease of life both architecturally and in terms of its function. The building, which has an area of over 20,000 square metres, will be fully converted and renovated to a high standard, to be reborn as the Skylight CITY office centre. The preparatory works have already begun, and offices are already available for rental in the building.
The Budapest Research Forum (hereinafter the ‘BRF’, which comprises CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary) hereby reports its Q1 2017 office market summary.
2016’s record-breaking EUR12.2bn investment in the real estate sector in the CEE region is likely to be surpassed in 2017 – this is according to CEE Real Estate Investment Compass 2017 published by Colliers International, a global leader in commercial real estate services, and international law firm CMS. The sources of investment flows into the CEE region are also expected to remain diverse in 2017, with Asian and CEE investors becoming increasingly active in the real estate market.
With 18 tenants, the Kálvin Square office building of ConvergenCE has 96% occupancy. Among its tenants, there are companies like Philip Morris Hungary, Faludi Wolf Theiss Lawyers, Aegon Hungary and GEOX. Currently, there is only one, 136 sq metre, office space available.
IMMOFINANZ recorded net income from continuing operations, i.e. excluding Russia, of EUR 26.9 million in the abbreviated 2016 financial year (2015A*: EUR 60.7 million). The major factors include increased maintenance costs for modernisation projects and the roll-out of the myhive and VIVO! brands, additional costs for the completion of residential buildings in Germany and the market-oriented valuation of CA Immobilien Anlagen AG at EUR -91.9 million. The non-cash effect from the valuation of this investment has already been offset in 2017 by an increase in the price of the CA Immo share.
In 2017, following its international assessment CBRE has created a survey among real estate investors in Hungary asking them about their market expectations. At the traditional springtime CBRE Investment Breakfast investors turned out to be optimistic about the future. 43% of the respondents stated that the investment market might grow even by one-fifth from last year’s EUR 1.5 billion, and 23% stated that this year they might reach their highest turnover ever.
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