With 18 tenants, the Kálvin Square office building of ConvergenCE has 96% occupancy. Among its tenants, there are companies like Philip Morris Hungary, Faludi Wolf Theiss Lawyers, Aegon Hungary and GEOX. Currently, there is only one, 136 sq metre, office space available.
Otis Felvonó Kft., the Hungarian branch of the world’s largest elevator company, moves to CityZen Offices from the beginning of April. Hungarian market-leader OTIS, known also as a producer of escalators and moving walkways, opens its new, 870 m2 headquarters at the A+ office building completed by developer ConvergenCE at the end of 2016.
An international service provider will rent a 5200 square meters large office space in building “B” at the Váci Greens office park. With the arrival of the new tenant in July, the occupancy rate of the building will be around 90%. The new large tenant of Váci Greens will move to the Váci office corridor from the city centre.
The current forecast for total construction volumes shows increases of 8% and 12% for 2017 and 2018, respectively. The barriers for the realization of the developments are the rise of construction costs and the lack of skilled labour force. CBRE expects that these issues raise risks of delivery delays and decrease of developers’ profit margins.
Vienna-based investment manager GalCap Europe has acquired "Merkur Palota" (the Merkur Palace) a fully renovated, prestigious office building in Budapest.
Blue Cube offices on the Váci út corridor welcomes Novodata, a pharmaceutical software developer company, leasing over 950 sqm office space. Colliers International represented the landlord S IMMO, while Tower Ingatlan represented Novodata / LX Line within the transaction.
The Budapest Research Forum (hereinafter the ‘BRF’, which comprises CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary) hereby reports its Q4 2016 office market summary.
TriGranit’s latest development, the Millennium Gardens office building is being constructed alongside the Palace of Arts and the National Theatre, on the Danube side of Soroksári road. TriGranit appointed the Hungarian office of CBRE, the world’s leading real estate advisor with the exclusive leasing of the 37,000 sqm office space expected to be completed by 2019.
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