ARTICLES LABELLED WITH TAG Budapest

Facility management company B+N Referencia Zrt. will move into the Agora Budapest office complex, developed by HB Reavis, this autumn.

The structure of OTP Bank's new office building in Budapest has been completed by developer Market Építő Zrt. The seven-story office building, which is being built in the 13th district, in the immediate vicinity of OTP Bank's existing office park, will be home to 3,000 employees once construction is complete in end-2021.

A well-known automotive company will soon start operating in a 6,000 sqm modern factory building located on a nearly 5-hectare industrial plot in the catchment area of ​​Budapest.

As of May 1, 2020, Dr. Mihály Schrancz, former Development Director of Property Market Ingatlanfejlesztő Kft. has been appointed Managing Director of the company. The company's Financing and Investment Director, Dr. Bence Nádasdy, will hold the position of Managing Director at Property Market’s asset management company, Kopaszi Gát Kft.

While house prices in Budapest rose 14.1% year-on-year in the fourth quarter of 2019, they fell 2.0% in nominal terms on a quarterly basis, the National Bank of Hungary (MNB) reported. The central bank has not recorded a q-o-q drop in house prices since Q4 2013.

Total demand on the Budapest industrial market amounted to 79,660 sqm in Q1 2020, indicating a 5% decrease from the figure noted in the same period last year. Lease renewals accounted for an outstandingly high ratio, reaching 85% of the quarterly volume. The Budapest Research Forum published its quarterly industrial market analysis

Erste Real Estate, a subsidiary of Erste Bank Hungary, has signed an agreement to sell 57 hectares of a 170-hectare plot in Ecser, next to Budapest, to an international logistics company that intends to build a 100,000-square-meter high bay warehouse on the plot. VLK Cresa assisted the seller in this transaction.

Belgian developer Atenor completed the construction of Aréna Business Campus Building “A” in Budapest. The project, launched in spring 2018, will comprise four Class A+ environmentally conscious office buildings on 72,000 sqm on the capital’s Hungária Boulevard. The authorization of the occupancy permit for Building “A” is currently under process with the handover of the 21,000 sqm building scheduled for June. In parallel, the construction of the second, Building ”B” is in full swing and will be completed in Q2 2021.

With the help of Cushman & Wakefield Budapest, a major software development company has rapidly signed a 7,500 sqm pre-lease at Atenor’s Váci Greens Building E. With this new transaction the office building is 40% pre-let 6 months prior to handover. This 40% comprises lease agreements with retail service providers as well, such as a restaurant, a bakery, a drogerie and customer service offices. Cushman & Wakefield’s PDS Team is providing interior design and project management services to the tenant.

International Investment Bank (IIB) and DOB-68 Zrt. in full accordance with the requirements of the Hungarian legislation signed the documentation on the acquisition of the historic Lánchíd Palota building in Budapest. The building will house IIB’s international headquarters.