According to Viktor Nagy, country manager at operations of IMMOFINANZ Hungary, high-quality offices – including locations as well as the services – will always be needed. Among other things, we talked about the changed expectations due to Covid-19, the importance of lively community spaces and a wide range of services, and the new services of the gap-filling myhive office concept.
Q1-3 2020 in HUNGARY as of 30 September 2020
IMMOFINANZ started the 2020 financial year with strong operational performance, but the development of business in the second quarter was negatively influenced by the Covid-19 pandemic.
Viktor Nagy, Country Operations Manager of IMMOFINANZ Hungary said that by reacting immediately to the changing real estate market situation, they gained a significant market advantage. Their tenants appreciate the flexibility of the myhive concept, so a real win-win situation has emerged.
IMMOFINANZ started the first quarter of the 2020 financial year with strong operational performance: Rental income rose by 13.4% to EUR 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as growth of 1.9% in like-for-like rental income.
Major upgrades are coming soon to the myhive Haller Gardens office building including new services for the tenants. The goal of IMMOFINANZ’s developments planned for 2020 is to raise the standards of modern work to a higher level.
IMMOFINANZ is looking back on a very successful 2019 financial year: The clear improvement of 18.1% in rental income and 30.2% in FFO 1 from the standing investment business underscore the profitable growth of the portfolio to approximately EUR 5.1 billion.
According to Viktor Nagy, Country Manager Operations at IMMOFINANZ Hungary, the myhive concept launched two years ago is a full success: tenants highly appreciate the range of services available within the office buildings and the measurable benefits of smart ideas helping them acquire new business partners. What workforce retention ability has to do with office buildings, and where the next business quarter will be - among other things, we talked about these topics.
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