ARTICLES LABELLED WITH TAG Hungary

Due to the pandemic, the construction industry in Hungary last year registered a significant fall and the last quarter couldn’t save the year either. The latest EBI Construction Activity Report has found that Q4 2020, similarly to the low-value Q4 2019, saw the start of construction works at a value of HUF 442 billion. Owing to the massive drop in mid-2020, 15% less construction work started than in 2019 and 30% less than in 2018. In 2020 the Activity Start Indicator of the EBI Construction Activity Report accounted for less than HUF 2000 billion and the decline affected all major subsectors.

Skanska has announced changes in the leadership team of its commercial development business unit in the Czech Republic and Hungary. Alexandra Tomášková stepped down from the role of EVP Operations for Hungary and the Czech Republic and is currently on a 2-month sabbatical. She is considering another role in the organization.

Attila Kovács, who founded DVM Group in 1995 and Horizon Development in 2006, passed away in February 2021, the two companies announced.

Austria-based retail developer and operator SES Spar European Shopping Centers has announced the opening of a new retail park in the Hungarian city of Kaposvár which will take place on 11 March 2021. S-PARK Kaposvár is a supraregional supply centre featuring strong anchor stores, including the only Interspar market of the city, located in the southwest of the country. The addition of S-PARK Kaposvár increases SES’s property portfolio to a total of 30 shopping destinations in six countries.

There were 11,185 residential property deals made in Hungary in January 2021, according to the latest monthly transaction estimate by real estate group Duna House. This is the highest figure recorded for the month of January in the last five years.

CBRE Hungary has assisted Henkel in the sale of its Budapest headquarters in District 11 of the capital’s Buda side, the company announced on Linkedin. The buyer’s name and the transaction price have not been disclosed. 

Atenor has signed an agreement relating to the acquisition of another plot in District XI of Budapest, under 20 Hengermalom Road, with an area of 8,326 sqm. The plot is next to Atenor’s planned project, BakerStreet, and similarly, a Class A+ office building will be developed on it as Phase II of BakerStreet.

Total demand on the Budapest office market reached 86,310 sqm in Q4 2020, representing a 57% decrease year-on-year. The vacancy rate has increased to 9.1%, representing an increase of 1.0 p.p. quarter-on-quarter, according to BRF’s latest figures.

Total leasing activity throughout 2020 on the Budapest industrial/logistics market amounted to 537,900 sqm, marking a 29% increase from the previous year and the second-highest annual volume on record. The Budapest Research Forum published its quarterly industrial/logistics market analysis.

Wing completed the development of the revitalised Gizella Loft office building, in the heart of Zugló, in fall 2020. The building offers 8,500 sqm of office space. Its redevelopment has transformed it into a Class A, people-oriented and cost-efficient space ready to welcome future tenants. The main tenant which had already occupied the building, TÜV Rheinland Intercert Kft., committed itself to the Gizella Loft in 2019, and in September 2020 took occupancy of the space designed according to its needs.