Promenade Gardens, a recently completed office building on Budapest’s Váci corridor, changed owners on 1 August 2018, when Erste Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, dual certified (LEED Gold and BREEAM Very Good) asset of 25,000 sqm has already been chosen by a number of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.

Hyatt Hotels Corporation announced today that a Hyatt affiliate has entered into a management agreement with Városház Utca Projekt Ingatlanforgalmazó Kft. for the first Hyatt Regency hotel in Budapest, Hungary. The 231-room property is expected to open in early 2020.

Leasing activity in the Budapest office market remained strong with more than 253,000 sqm of office space leased in the first half of 2018. In total, commercial real estate agencies were involved in 173,000 sqm of office leasing transactions, from which CBRE completed the largest amount of transactions, 42,245 sqm equating to 24.4% market share in the agents market.

CTP announced the appointment of Mr. Gyula Nagy as Chief Financial Officer (CFO) CTP Hungary effective 16 July 2018.

Total demand on the Budapest industrial market amounted to 59,740 sqm in Q2 2018, marking a 72% decrease over the figure noted in the same period last year. The Budapest Research Forum published its quarterly industrial market analysis.

Net absorption on the Budapest office market in Q2 2018 amounted to 40,140 sqm, which marks more than a doubling year-on-year. The Budapest Research Forum published its latest figures.

Colliers sold the former Remy Automotive industrial site in Mezőkövesd, Hungary to Kiss és Társa Ltd, a local entrepreneur in the iron/metal business. The site has approx. 16 000 sqm buildings on a 13.6 ha plot and will be used for iron/metal production and warehousing purposes. Colliers represented the vendor, BorgWarner, the widely known, major automotive supplier during the transaction.

Hong Kong Central remained the most expensive office market in the world, according to CBRE’s annual Global Prime Office Occupancy Costs report.

One of the most active industrial and logistics developers of the region has announced major expansion plans for Hungary this year. CTP hopes to increase the value of its Hungarian portfolio to €320 million by the end of 2018 from the current €250 million. Rudolf Nemes, CTP’s Country Manager for Hungary talked about changing tenant needs and challenges on the labour market.

GTC is preparing to build another office building in the Hungarian capital, The Twist – Budapest City Tower. The developer recently obtained the building permit. The new project is located in the 13th district in Budapest, next to the Árpád híd metro station.