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.
The recently renewed office buildings in the Budapest office market are being recognized by the market soon. New tenants are targeting the landmark buildings of Budapest downtown for high quality office spaces and due to their expanding business. This time the owner of East-West Business Center that is the first modern office building of Budapest, has decided to start refurbishment of their landmark property.
CBRE Group, Inc. (NYSE:CBG) has been named the best global real estate advisory firm at annual Euromoney Real Estate Awards for the fifth consecutive year. Globally, CBRE was also ranked highest overall in the Sales/Leasing, Valuation and Research categories.
Before the global economic crisis the financial sector dominated the Budapest office market, banks leased the greatest number of new offices, impressive new headquarters were built for them. By now the situation has changed: the biggest players are from the ICT (information and communication technology) sector in Budapest, leading companies are building new headquarters, and the globally influential Hungarian companies are moving into larger and larger offices.
In CEE investors may face scarcity of attractive products. Investment into Central and Eastern European (CEE) countries (excluding Russia) for H1 2016 registered a substantial increase (59%) compared to same period of last year, surpassing €5 billion.
This year the number of visitors increased by almost 9 percent, and turnover by 10 percent in the Campona shopping center. South Buda’s prominent mall - managed by CBRE - has introduced new green solutions, and besides the familiar family programs, it awaits visitors with events related to fashion.
Investment into Central and Eastern European (CEE) countries (excluding Russia) for Q1 2016 registered a slight decrease (6%) compared to same period of last year, reaching €1.84 billion. Expectations are that for the entire year, investment volumes will reach and exceed the record volumes of 2015, with all CEE countries expected to perform strongly.
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