In 2015 JLL’s market leader Tenant Representation department closed a record year as it took part in more than 50,000 sq m office space lettings reaching a 33% market share in the consulting market.
The Hungarian commercial real estate market reached the highest volume since the peak of the market in 2007 with ca. €790 million transacted in 2015. Almost 60% of the annual volume was generated by portfolio transactions, which clearly reflects the increasing interest of investors for large platforms in an attempt to gain significant exposure to the market.
Investment into Central and Eastern European (CEE) countries (excluding Russia) for 2015 reached a historic high level at over €9.6 billion, representing a 20% increase year on year. Czech Republic and Poland put in a particularly strong performance, recording investment volumes of EUR 2.7 billion and EUR4 billion respectively.
TPG Real Estate, the real estate arm of global private investment firm TPG has closed its acquisition of TriGranit, one of the main fully integrated, real estate platforms in Central Europe. As part of the transaction, TPG acquired the platform along with a portfolio of office and retail assets located in Poland (Bonarka Shopping Centre, B4B), Hungary (Millennium City Centre Offices) and Slovakia (Lakeside Park office building, Metropolis – 47,5 ha land near Bratislava) with additional development sites in the same countries and Croatia.
Technology will have a profound effect on future employment and the workplace according to a newly launched report from global real estate advisor, CBRE, called ‘Real Estate and the Community – Mapping Outcomes for the Future’.
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%.
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.
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.
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