News, analysis and lease transactions from the Hungarian office market
A strong increase in new supply is expected in the upcoming two years, however, most submarkets will still face rental growth in 2018. Sustained rental growth for Class A properties across all submarkets - except the Periphery - is forecasted.
Polish volumes were the drivers of the momentum in the first half of the year. Slovakia saw a rebound in deals whilst Hungary and Czechia saw much slower flow than a year ago, reveals Colliers International, the global industry-leading real estate services company, in its latest 2018 mid-year CEE Investment Scene.
MOM Park, a 50,000 sqm prime shopping mall and office property in the affluent central Buda location in Budapest was sold by a consortium of a fund managed by Morgan Stanley Real Estate Investing, Hungarian developer and investor WING and Austrian shopping center specialist CC Real to OTP Real Estate Investment Fund.
Colliers International announced today it has agreed to consolidate its business in the Czech Republic with the THREESIXTY Agency, bringing to Colliers their extensive pipeline of deals, relationships and successful track record.
Promenade Gardens – the most technically advanced office building recently completed on the Váci corridor – changed owners on 1 August 2018, when ERSTE Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, sought-after, dual certified sustainable asset of 25.000 sqm has already been chosen by a prestigious line of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.
Very low unemployment, dynamic growth, emigration and the fast development of the service sector have created acute labour shortages in the CEE-6 region suggests Colliers International, global industry-leading real estate services company, in its latest research report “CEE Labour Force Riddle”.
IMMOFINANZ, one of the leading players in the Hungarian office market, has signed various lease agreements in the first half of 2018 accounting for more than 14,000 sqm of its Hungarian portfolio. This is equivalent to 9% of its current overall leasable office space in Budapest. Of this figure, new and expanded leases sum up to 5,800 sqm and prolongations account for more than 9,000 sqm.
The leasing activity in the Budapest office market remained strong with more than 253,000 sq m office space leased in the first half of 2018. In total, commercial real estate agencies were involved in 173,000 sq m of office leasing transactions, from which CBRE completed the largest amount of transactions, 42,245 sq m equating to 24.4% market share in the Agents market.
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