News, analysis and lease transactions from the Hungarian office market
Skanska has sold Building B of the Green Court Bucharest office complex. The property has been acquired by investment company Globalworth Real Estate Investments, which already owns Building A. The Green Court Bucharest scheme is Skanska’s first office development in Romania.
Dorottya Udvar takes the lead on Budapest's most vibrant office market, that of South Buda: the office building’s new tenants have signed contracts for nearly 5,000 square meters of office space by the end of October this year, while existing customers extended their lease on nearly 2,500 square meters. With the new contracts and extensions, Dorottya Udvar closes an outstanding year this year, with record high occupancy levels.
Cushman & Wakefield, exclusively representing the Landlord, who own the Grade A MOM Park Office Towers complex in Budapest, have successfully closed 5 deals extending to circa 2,000 sq m of office space. The transactions include 3 new tenants entering the scheme and the successful retention of 2 key tenants. The vacancy rate has decreased to 7.50%.
Skanska has sold Corso Court, its office project in Prague. The building has been purchased by global investment manager Invesco Real Estate on behalf of one of its German separate account mandates. This is Skanska’s second investment in the Czech capital to be acquired by Invesco Real Estate.
Global commercial real estate (CRE) investment reached US$407 billion in H1 2015, the strongest first half to a year since 2007, and up 14 per cent year-over-year, according to the latest research from global property advisor CBRE Group, Inc.
At Greenbuild Euromed in Verona last Thursday, the World Green Building Council (WorldGBC) announced the winners of the Europe Leadership in Green Building Awards 2015. Eiffel Palace, a unique office building in the heart of Budapest with a LEED Gold and BREEAM Very Good certificate took the award for Leadership in Building Design and Performance.
The Budapest Research Forum (BRF, which comprises of: CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary) hereby reports the Q3 2015 office market analysis. Two schemes were delivered to the market in the third quarter of 2015 adding a total of 27,800 sq m to the modern office stock. This includes the refurbishment of Erzsébet Irodaház A and the delivery of owner-occupied Bosch HQ second phase.
The V17 Office Building in Váci út has reached its highest point, and property developer WING Zrt. marked the occasion with a topping-out ceremony and a tour of the building. The event was attended by District 13 Mayor Dr. József Tóth, as well as representatives of one of the office building’s major tenants, E.ON.
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