CBRE continued its dynamic expansion in 2016, the significant transactions need more and more experts in the Budapest office of the world's largest real estate consultancy firm. The project management team has expanded to five members, and the work of the retail real estate unit is supported by a new senior professional. The team responsible for capital market operations is also completing significant orders, so this area has also increased the number of staff in 2016. The industrial property experts, in turn, have set a record with the market share of CBRE.
New green office building of Budapest, V17 opened its gates. The building is located at the beginning of the Váci corridor. The seven-story sustainable building of nearly 13,000 square meters area featuring cutting-edge technology, and offers "A" class office areas most of which are rent by E.ON Hungary Zrt. for long term. The V17 is owned by Torony Ingatlan Befektetési Alap represented by Diófa Alapkezelő Zrt., and was developed by Hungary’s leading commercial real estate developer WING Zrt. Building V17 required a HUF10 billion investment.
CityZen Office Building has recently leased its entire 853m2 ground floor to SPAR Magyarország. Located close to the highly frequented junction of Váci út and Dózsa György út, the SPAR supermarket will open in early November 2016.
Today one quarter of modern office buildings in Budapest have a sustainability evaluation certification, and even among the older office buildings a growing number apply new technologies. Almost all new real estate entrants offer architectural and environmental management solutions to their future tenants. Held by the world's largest real estate advisor, CBRE’s Green Week campaign, organized each year, aims to raise the awareness of the global real estate industry about social responsibility towards the environment by reaching its more than 70 thousand employees as well as its customers.
Cushman & Wakefield, exclusively representing the Landlord, a German fund, has successfully closed a long-term lease agreement with Media Markt extending to 2,888 sq m of office space and 50 parking spaces, at BC140 office building in Budapest, equating to an increase in the occupancy rate by 16% at the building.
The leading Hungarian commercial real estate developer WING states that its concept of minimalist office design of A66, a listed building on Andrássy street could represent a new direction in Hungary for offices staffed by young workers among whom an informal, unique but high tech office environment is the norm.
The Budapest Research Forum (hereinafter the ‘BRF’, which comprises of CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary) hereby reports the Q3 2016 office market analysis.
Hungarian retail sales and turnover continue to show healthy growth, buoyed by the abolition of the Sunday closing law after barely one year in effect. Retailer demand is unbroken but remains pressed by the lack of available supply resulting in upward pressure on rents. Fashion retailers remained the most active in H1 2016, followed by the footwear and F&B segments which both expanded significantly, according to the latest Retail Market View published by CBRE.
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