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.
We expect that a fair amount of market activity in 2020 will come from lease renegotiations and renewals as opposed to new and pre-lease transactions. We might record more sub-leases being offered if companies need to downsize. Tenant covenants will receive additional scrutiny by landlords, banks and investors in order to limit risk to a sustainable income.
Daikin Hungary set up its state-of-the-art showroom on a 309 sqm ground floor retail area in Tower ‘B’ of Promenade Gardens office building.
GalCap Europe, the real estate asset and investment manager specializing in Austria and Central Europe, has acquired another asset in Budapest for a German pension fund’s portfolio: the Rumbach Center.
The transaction, one of the largest office deal investments in CEE this year was signed in May and closed in early June. Even if several investment transactions were derailed by the Q2 lock-down in Hungary, the transaction progressed in line with the original time frame.
Mr. Károly Dömötör Makk leasing manager of the company says that several different strategic responses can be observed among the office market tenants regarding the uncertain situation caused by the virus. We talked about the spill-over effects of this, the brown field investments (that have always been a priority for them), and Millennium Gardens features.
Developing the capital’s largest office parks, Belgian Atenor started its grandiose project, Aréna Business Campus in the spring of 2018, located on Hungária Boulevard in District VIII. The real estate developer, quoted on the stock market of Brussels, implements four ‘A+’ category, environmentally conscious, outstanding level of quality office buildings on 72,000 m2 under number 30 Hungária Boulevard
The preliminary investment volumes for the CEE region for Q1 2020 have reached ca. €3.7 billion, despite the onset of Covid-19 in CEE at the beginning of March.
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