ARTICLES LABELLED WITH TAG Budapest

EuroCenter owner and developer Wing has selected Bernecker Kft. to carry out general contractor tasks for the modernisation of the 46,000 sqm shopping centre located in the northern Buda area. The shopping centre has closed for the duration of the renovations and is scheduled to reopen in spring 2022, boasting a modern appearance and ready to meet 21st-century customer demands. Construction work begins in late April.

The interior of the Campona shopping centre in South Buda, owned by CPI Property Group,  will be completely rebuilt by the end of 2021.

The Hungarian residential rental property market continues to be a mixed bag based on current asking prices, according to the latest monthly survey of real estate portal ingatlan.com, which presents the latest joint rent index of ingatlan.com and the Central Statistical Office (KSH) for March and summarises the supply and average rent as of the end of April based on 40,000 ads.

S Immo is ramping up its development activities in CEE with a new office project in Budapest. An ensemble consisting of three office buildings offering roughly 29,000 sqm of usable space will be built on Váci Road, one of the most important office locations in the Hungarian capital. The most significant structure is an 11-storey building located directly on Váci Road. The company plans to obtain sustainability certification according to BREEAM and WELL.

Prologis has started a new speculative development at Prologis Park Budapest-Sziget II which is set to be delivered by the end of the year. A new 11,600 sqm warehouse building is now under development at the park, where 48,000 sqm of potential development space remains available.

GTC has decided to boost its Hungarian portfolio again by investing €160 million in the acquisition of two office properties in Budapest, the Ericsson HQ and the Siemens Evosoft HQ, both developed by local company Wing.

Total demand on Budapest’s industrial market amounted to 81,820 sqm in Q1 2021, indicating some 3% increase on the volume measured in the corresponding period of the previous year. Pre-leases dominated the demand with a share of 45%, according to the BRF’s quarterly report.

Budapest’s office market statistics for Q1 2021 continued to reflect the uncertainties and economic slowdown triggered by the COVID-19 pandemic. While quarterly demand remained somewhat weaker than in previous years, the gap narrowed as the number of transactions showed recovery, according to the Budapest Research Forum (BRF).

Nhood Services Hungary, the operator of Auchan hypermarkets in the country, will embark on the renovation of Auchan Korzó retail asset in Soroksár, Budapest.

CEE-based flex office operator New Work continues to expand in Hungary and has opened its 7th business centre in Budapest. The company has signed for 2,000 sqm of office space in the Science Park office building in South Buda.