Office properties continued to be both the most abundant and attractive investment assets on the Hungarian commercial real estate market in 2020, according to DLA Piper Hungary’s latest annual report.

Avison Young has significantly increased its CEE presence in recent months and the company is planning further expansion. Gerry Hughes, Principal and President of Avison Young Europe talked to Property Forum about the firm’s strategy for CEE and shared his expectations regarding the future of the advisory business.

Budapest’s office market statistics for Q1 2021 continued to reflect the uncertainties and economic slowdown triggered by the COVID-19 pandemic. While quarterly demand remained somewhat weaker than in previous years, the gap narrowed as the number of transactions showed recovery, according to the Budapest Research Forum (BRF).

Nhood Services Hungary, the operator of Auchan hypermarkets in the country, will embark on the renovation of Auchan Korzó retail asset in Soroksár, Budapest.

The volume of Hungary’s construction output in February decreased by 11.7% compared to the January data, based on seasonally and working-day adjusted indices construction output. Aside from the unpleasant surprise of lower output, the volume of orders was also not very rosy. Nevertheless, it would be too early to give up on this year's outlook.

Login Business Park in the north of Budapest, owned by Wing, is set to expand with a new hall offering more than 5,000 sqm in floor space. The project responds to distinct market needs reflecting increasing demand and increasing interest in the park. The market was quick to signal the necessity of the construction project, with lease agreements signed for the entire floor space of the hall immediately. The development is scheduled to be completed in late summer 2021.

CEE-based flex office operator New Work continues to expand in Hungary and has opened its 7th business centre in Budapest. The company has signed for 2,000 sqm of office space in the Science Park office building in South Buda.

The first phase of Atenor’s BakerStreet office project in District 11 of Budapest has received the final building permit. Located at the intersection of Szerémi and Hengermalom Roads, BakerStreet Phase 1 will be implemented as a Class A+ office development on 17,000 sqm and will be handed over in Q1 2023.

Publicly traded Hungarian real estate brokerage firm Duna House has released its metrics for the first quarter. Duna House started the year with record quarterly volumes in all of its core business lines in the middle of the third wave of the COVID-19 pandemic. After a series of record highs in 2020, the first quarter, which is usually weak seasonally, brought all-time records in both real estate and credit brokerage in 2021: franchise real estate brokerage grew by 36%, own office real estate brokerage by 37% and credit brokerage by 6% year-on-year.

John McKie will join CA Immo Hungary as Managing Director from 1 June 2021. In this function, he takes over responsibility for the Hungarian business activities, including asset management, leasing, marketing and tenant relations.