Skanska has sold Nordic Light, an office complex in Budapest, Hungary. The property has been acquired by Erste Alapkezelő Zrt, a subsidiary of Erste Asset Management GmbH. Nordic Light is the seventh office project developed by Skanska in Budapest during the 29 years the company has operated in Hungary.
Millennials are at the forefront of using technology and it is reshaping the way they shop. However, contrary to expectations, 70% of Millennials prefer to shop in a store instead of online and this is unlikely to dramatically change in the future, according to new research from CBRE, the global property advisor.
In October 2016, 600 employees of E.ON Hungária Zrt. successfully finished moving into the V17 office building, Váci út. Furthermore, this has been the largest tenant move in the Budapest office market this year so far.
Today one quarter of modern office buildings in Budapest have a sustainability evaluation certification, and even among the older office buildings a growing number apply new technologies. Almost all new real estate entrants offer architectural and environmental management solutions to their future tenants. Held by the world's largest real estate advisor, CBRE’s Green Week campaign, organized each year, aims to raise the awareness of the global real estate industry about social responsibility towards the environment by reaching its more than 70 thousand employees as well as its customers.
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.
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.
Park Atrium - the iconic headquarters building leased to Deloitte, ING and Roche - was sold last week in what represents one of the most significant recent transactions for the Budapest office investment market.
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