Hungary’s Horizon Development has been granted a development loan by UniCredit for its ongoing Szervita Square mixed-use development in the centre of Budapest. At the same time, the developer has pre-leased all four office floors (8,500 sqm) of the project to coworking space provider Spaces.

The Budapest office market enjoyed a dynamic year in terms of gross take-up, equating to nearly 535,000 sqm of office space transacted, effectively in line with the record year of 2015 which saw circa 538,000 sqm.

Codic International, a Brussels-based developer, announced that construction has commenced on the office component of Green Court, their latest mixed-use development to be realized in partnership with the Hungarian Pesti Házak and the Austrian Venta Group. The project is located in Budapest on the Váci office corridor. The project incorporates Green Court Office, a 21,000 sqm GLA premium office development, and Green Court Residence, comprising two residential buildings with 275 apartments. The apartments will be occupied by the end of this year, and the office project is scheduled to be handed over in Q4 2020. Colliers International and Jones Lang LaSalle have been appointed co-exclusive leasing agents for the office development.

Total demand on the Budapest industrial market amounted to 105,070 sqm in Q4 2018, marking a 51% decrease from the figure noted in the same period last year. The Budapest Research Forum published its quarterly industrial market analysis.

Total demand on the Budapest office market reached 171,490 sqm in Q4 2018, representing a 19% growth year-on-year. The office vacancy rate stands at 7.3%, representing a 90 basis points increase quarter-on-quarter and a 20 basis points reduction year-on-year. The Budapest Research Forum published its latest figures.

CTP is starting 2019 with the announcement of ambitious development plans in three of its markets, the Czech Republic, Serbia and Hungary.

The largest privately owned hostel-chain in Europe a&o Group will open its first quarters in Budapest in 2019. The German group creates a modern hostel by simultaneously restoring and transforming a historic property into a 108-room hostel. ConvergenCE is to lead the complete reconstruction of the selected property in Csengery Street.

Just before the end of 2018, GTC S.A. signed €94.6 million new loan agreements certifying the financial solidity of the company. The refinancing was granted to three prime projects of the developer and asset manager – GTC White House in Budapest, FortyOne in Belgrade, and Artico in Warsaw.

Wing has sold the Angyal (Angel) office building, set adjacent to Boráros Square in Central Budapest, to French economy hotel chain B&B Hotels. The building will be converted to a hotel based on the two companies’ strategic agreement, and become B&B Hotels’ first hotel in Hungary, with Wing taking on development tasks. The first B&B Hotels location in Hungary set to open on 7,700 sqm.

During 2018 the total commercial real estate investment transaction volume passed the €1.8 billion level in Hungary, marking the third consecutive year of stable and strong investor appetite and the highest annual transaction volume since 200, according to JLL Hungary's latest numbers. Hungarian funds were the most active purchasers with a market share above 50%.