For the first time since Q4 2018, the vacancy rate on the Budapest office market increased in Q1 2020, albeit only by 0.6 pps. Total demand in the first quarter of 2020 reached 79,660 sqm, stagnating year-on-year, according to BRF’s latest figures.

Hungarian residential developer Cordia is introducing a new, secure, online service that covers the entire home buying process, including virtual viewing and remote contract signing.

The preliminary investment volumes for the CEE region for Q1 2020 have reached ca. €3.7 billion, despite the onset of COVID-19 in CEE at the beginning of March. This volume was significantly boosted by the ca. €1.3 billion acquisition of the Residomo portfolio in the Czech Republic by Heimstaden, however, it still represents a y-o-y growth of 68% over Q1 2019 (ca. €2.2 billion) and 28% over Q1 2018 (ca. €2.9 billion).

Optimum Ventures Private Equity Fund (owned by Optima, the fund manager of the National Bank of Hungary's foundations) and an affiliate of Lone Star Funds (an American private equity firm) have entered into a conditional share purchase agreement, pursuant to which Optima will acquire a majority shareholding (61.49%) in Globe Trade Centre S.A., a Polish company trading on the Warsaw Stock Exchange and Johannesburg Stock Exchange.

According to the Purchasing Managers' Index (PMI), which measures the activity level of purchasing managers in a given sector, Hungary's manufacturing industry was hit much harder by the coronavirus crisis than the same sector in other CEE countries. The Polish and Czech PMI show that these economies were less affected by the downturn in March than the economy of Hungary.

As the global pandemic progresses across borders and within countries, Cushman & Wakefield’s EMEA market research experts shared what they are seeing on the ground in their countries.

Over the past month, most companies in Hungary made an immediate transition to ‘home office’. Cushman & Wakefield embarked upon a study to understand their experiences.

Bence Balázs is the new Head of Real Estate at Diófa Asset Management. Bence Balázs has gained 13 years professional experience on domestic, regional and international commercial real estate markets. He joined Diófa Asset Management in 2019 as portfolio manager responsible for real estate investment funds. As head of real estate at Diófa Asset Management, his responsibilities include the coordination of the asset management, fund management, leasing and investment management operations of the company. Bence aims to further expand the core real estate portfolios of Diófa, to refine the asset and fund management systems of the company and intends to ensure stable and predictable return levels towards the retail and institutional investors of the funds. In addition, he intends to launch new funds and investment products together with the Diófa team

Cordia International is continuing its international expansion. Following Romania, Poland and Spain, the developer is entering the German rental housing market through the acquisition of a 20.6% stake in ARGO Properties N.V. for €34.4 million.

With the help of Cushman & Wakefield Budapest, a major software development company has rapidly signed a 7,500 sqm pre-lease at Atenor’s Váci Greens Building E. With this new transaction the office building is 40% pre-let 6 months prior to handover. This 40% comprises lease agreements with retail service providers as well, such as a restaurant, a bakery, a drogerie and customer service offices. Cushman & Wakefield’s PDS Team is providing interior design and project management services to the tenant.