Futureal Group has successfully refinanced its Corvin Corner office building by signing a credit agreement with Erste Bank Hungary for EUR 10.2 million
CTP celebrates success again in this year’s Best of the Best CIJ Awards Europe. The CEO of CTP Remon Vos was awarded in category the Best Leadership of the Year. CTP was also nominated in categories Best of the Best Lease of the Year with CTPark Bucharest West and Best of the Best Investment Transaction of the Year with Romanian CTPark Prologis Bucharest A1. The awards were presented at CEDEM Investment Summit 2016.
Erricsson’s new home in Hungary is being built on a site overlooking the Danube in an investment by Wing Zrt., in the first phase of the Hungarian Nobel Prize Winners Research & Development Park. The building, which has a total area of 24,000 square meters, will house the company’s largest research and development facility outside Sweden. The building, one of the most modern, most innovative headquarters in the country, will be constructed to the strict standards of the LEED Gold environmental awareness rating.
With the last works completed in July, the new office building ”Buda Loft Offices” is ready to welcome its new tenants. The offices with its industrial feeling are especially very suitable for advertising, media and creative IT companies. Colliers International has been appointed as the exclusive letting agent on the building
Prime office yields in Berlin are currently very low at 3.85% , although products in major German cities such as Frankfurt are still providing higher returns than those located in London or Paris. At the same time Romania and Hungary are seeing new capital flowing into their respective commercial real estate markets. This is a consequence of a significant yield spread between Western and Eastern Europe, where prime office yields, for example in Bucharest, are currently at 7.5%.
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.
The Budapest Research Forum (hereinafter the ‘BRF’, which comprises of CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary) hereby reports the Q2 2016 office market analysis.
The north western part of the South Buda office market, the Lágymányos micro-market is one of the most popular location of the past 15 years. Only 1.7% of the offices were vacant at the beginning of 2016, which is the lowest vacancy rate in Budapest.
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