News, analysis and lease transactions from the Hungarian office market
CTP celebrates success again in this year’s Best of the Best CIJ Awards Europe. The CEO of CTP Remon Vos was awarded in category the Best Leadership of the Year. CTP was also nominated in categories Best of the Best Lease of the Year with CTPark Bucharest West and Best of the Best Investment Transaction of the Year with Romanian CTPark Prologis Bucharest A1. The awards were presented at CEDEM Investment Summit 2016.
CTP celebrates success again in this year’s Best of the Best CIJ Awards Europe. The CEO of CTP Remon Vos was awarded in category the Best Leadership of the Year. CTP was also nominated in categories Best of the Best Lease of the Year with CTPark Bucharest West and Best of the Best Investment Transaction of the Year with Romanian CTPark Prologis Bucharest A1. The awards were presented at CEDEM Investment Summit 2016.
A creative work process demands for a creative office solution, which is exactly what the complete, newly refurbished Buda Loft Offices could offer to TransferWise. The building opened its doors officially in July, and offers 5 floors with an approximate total of 2,500 m2 for lease. Colliers International Hungary has been appointed as exclusive leasing agents.
The operating results recorded by IMMOFINANZ were stable in year-on-year comparison at EUR 45.3 million in the first quarter of the abbreviated 2016 financial year (Q1 2015/16: EUR 46.9 million). Rental income fell from EUR 82.2 million to EUR 76.8 million due to temporary rent reductions in Moscow and the planned sale of properties. A like-for-like analysis (i.e. after an adjustment for new acquisitions, completions and sales to achieve comparability with the fourth quarter 2015/16) shows the stable development of rental income in total during the first quarter of 2016A. The results of asset management improved by 3.9% to EUR 54.5 million based on a decline in property expenses.
Erricsson’s new home in Hungary is being built on a site overlooking the Danube in an investment by Wing Zrt., in the first phase of the Hungarian Nobel Prize Winners Research & Development Park. The building, which has a total area of 24,000 square meters, will house the company’s largest research and development facility outside Sweden. The building, one of the most modern, most innovative headquarters in the country, will be constructed to the strict standards of the LEED Gold environmental awareness rating.
The time capsule of the first hotel in Hungary with direct terminal access was placed at Ferenc Liszt International Airport. The 145-room ibis Styles Budapest Airport Hotel also featuring conference facilities is scheduled for completion in 18 months.
With the last works completed in July, the new office building ”Buda Loft Offices” is ready to welcome its new tenants. The offices with its industrial feeling are especially very suitable for advertising, media and creative IT companies. Colliers International has been appointed as the exclusive letting agent on the building
Prime office yields in Berlin are currently very low at 3.85% , although products in major German cities such as Frankfurt are still providing higher returns than those located in London or Paris. At the same time Romania and Hungary are seeing new capital flowing into their respective commercial real estate markets. This is a consequence of a significant yield spread between Western and Eastern Europe, where prime office yields, for example in Bucharest, are currently at 7.5%.
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