ARTICLES LABELLED WITH TAG Hungary

CA Immo has signed a sales and purchase agreement to acquire the Millennium Towers Class A office complex comprising of 70,400 sqm GLA in Budapest, Hungary. The transaction volume of the fully rented asset amounts to €175 million, the annual rental income reaches €12 million. 

International investor and developer CTP has welcomed Peter Würsching MRICS as Country Manager for Hungary. Peter is responsible for the development of the company’s growing operations in Hungary.

The time capsule of the first hotel in Hungary with direct terminal access was placed at Ferenc Liszt International Airport this week. The 145-room ibis Styles Budapest Airport Hotel featuring conference facilities is scheduled for completion in 18 months.

Cushman & Wakefield represented one of the most dynamically growing ‘CEP’ (Courier, Express and Parcel) market participant, DPD Hungary Ltd. with their lease transaction to open up a 3,000 sqm distribution centre in Budapest. 

Construction commenced on GTC Hungary’s latest office development project. GTC White House is going to have a GLA of 21,500 sqm and is expected to be completed by end-2017. Concurrently, GTC Hungary will carry out a full interior refurbishment and technical reconstruction at Duna Tower Office.

With the last works completed in July, Budapest’s newest office building “Buda Loft Offices” is ready to welcome its new tenants. The building - which used to be the Goldberger textile factory - now offers modern loft offices. Colliers International has been appointed as the exclusive letting agent on the building

Romania and Hungary are seeing new capital flowing into their respective commercial real estate markets as a consequence of a significant yield spread between Western and Eastern Europe. Skanska has relased a new report, focuing on investment opportunities in the CEE region.

Before the global economic crisis the financial sector dominated the Budapest office market, banks leased the greatest number of new offices and impressive new headquarters were built for them. By now the situation has changed: the biggest players are from the ICT (information and communication technology) sector in Budapest, leading companies are building new headquarters, and the globally influential Hungarian companies are moving into larger and larger offices.

Budapest Airport and DHL Express have signed a strategic agreement about the development of a new facility for the Deutsche Post DHL Group company in Hungary. This is the second large-scale investment by Budapest Airport and DP DHL, after the latter’s freight forwarding business units moved into a new facility built in the Airport Business Park in 2013.

Days of strong development activity on the Budapest office market are once again ahead of us. The market has been growing steadily and cautiously for years now and we have reached a point where tenants looking to immediately rent several thousands of square metres have no options left. BTS developments and large pre-lease deals have dominated property news cycles for over a year now and the time has finally come for developers with speculative projects to make their move. We take a closer look at Budapest office developments.