News, analysis and lease transactions from the Hungarian office market
The new Cushman & Wakefield has announced today the successful completion of the global merger between Cushman & Wakefield and DTZ. The firm has also announced its leadership team for Europe, the Middle East and Africa (EMEA) and unveiled a new visual identity and logo.
Europe’s prime office market vacancy rate is expected to fall back to its 2009 level by the end of 2016 and then to continue declining over the rest of the decade, according to global real estate advisor, CBRE. In Europe’s major cities, office development is not keeping pace with growing demand driven by improving employment trends and almost all key office markets are expected to show falling vacancy rates and accelerated rental growth over the next five years.
According to global property adviser Cushman & Wakefield, the outlook is generally positive in the Central European office markets of Czech Republic, Hungary, Romania, Poland and Slovakia. Three out of the five markets are anticipating rental growth over the next three years (Bratislava, Budapest and Prague).
Last week saw Morgan Stanley finally complete their purchase of the AEW portfolio in Budapest; this week has seen the formal announcement of TPG’s purchase of Trigranit – whilst ostensively a company deal, it is still one that has obvious positive implications for the Hungarian property market. But is this another false dawn – or the start of the re-emergence of Hungary as an investment destination?
A significant investment transaction was recently completed in Budapest. The Hungarian office of Colliers International represented the seller, Bluehouse Capital, in the sale of Infopark E to a fund managed by Diófa Asset Management. The transaction represents the largest single asset deal in Hungary in 2015. Infopark E is the newest building within the prominent Infopark development project, located in the best performing South-Buda submarket.
A former music club located at 15 Sas Street in the city centre of Budapest, has been sold. The Hungarian investor was represented by the international property consultant JLL during the acquisition of the previously Italian privately owned property.
International real estate services provider JLL represented AEW Europe in the disposal of their Hungarian real estate portfolio. This transaction is the largest portfolio sale in Hungary since the global financial crisis.
Investment into the commercial real estate (CRE) market totalled nearly €56 billion in the second quarter of 2015, up 15% on Q2 2014, according to the latest figures from global real estate advisor CBRE. Although the rate of year-on-year growth in investment activity has slowed slightly compared with Q1, it is still the highest Q2 total since 2007.
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