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The Roosevelt Office Building Changed Hands

Oct 15th, 2019
OTP Real Estate Investment Fund is expanding its portfolio with a prestige office building by acquiring the Roosevelt Office Building on Széchenyi Square. This is one of the most excellent office buildings in Budapest. The premium 26,000 squaremeters property was purchased by OTP Group Real Estate...

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Project of the Year: a university campus and a green oasis in the heart of Budapest

May 10th, 2016
As a part of the Office of the Year competition, the winner in the Developed Project of the Year category turned out to be CEU’s re-building program, which is a unique development-renewal arrangement right in Budapest’s city centre.       The project contains the renewal and the reconfiguration of CEU’s 6 buildings with a total area of 35 000 m2. The project’s main goal is to regroup the now scattered and distant science and administrative units and relocate them – this will enable the...

Váci Greens wins „New Real Estate Development of the Year” award

Apr 25th, 2016
The „Office of the Year” awards honoured Váci Greens’ Building C in the New Real Estate Development of the Year category. Building C has been already inhabited by General Electric, GE’s Global Operations and Healthcare branches are located there. Atenor took a big risk when the company announced its mega-project in 2008 – in the middle of the recession –, regarding the construction of an office complex at the popular site of the Váci Corridor. The project entitled Váci Greens has been...

Rebirth of Old Office Buildings in Budapest

Apr 13th, 2016
The previous article introduced some aged office buildings renovated into much-needed office centers and condominium. Due to the renewal and upgrade their occupancy and competitiveness have improved. Now let’s take a look at other developments in Budapest! Medimpex Offices The 3,300 sq m office building is located on the most beautiful part of downtown; on the Vörösmarty Square is an elderly historical site, converted into a business complex in 1999.  The monument building was built in 1928 and...

New, Exlcusive Clothes for Old Office Buildings in Budapest

Apr 12th, 2016
The rise of office market can be realized not only in its growing new developments but old offices have also been renovated and redeveloped  focusing on the aesthetics, architecture to meet the potential, 21st century tenants’ needs. The occupancy rate of the restored modern serviced offices keeps increasing. Let’s have a look at some recent projects.   Pódium Office Building  The property was built in 1993, which means that it was high time for renovation. The 5700 sq m office space for rent...

Budapest has bested its regional competitors

Apr 11th, 2016
The provisional progress for 2016 contains a single-number vacancy rate and an investment revenue of 1 billion euros in the Hungarian capital. The office market in Budapest saw a significant rise in pre-leases, reaching a number last experienced in 2009 – a total area of 121 000 m2 –, while there were hardly any office spaces left to rent. 2015 was the year that Budapest surpassed its regional competitors, Warsaw and Prague with regards to vacancy rates. The growing demands on the office market...

A new chapter of commercial real estate development and workplace design in Hungary

Apr 7th, 2016
HB Reavis has launched in a 136,000 sqm project in office park with serviced offices. The new mixed-use complex is to be carried out on a 3-ha site at the junction of Váci Road and Róbert Károly Boulevard. They expect to complete the first building of this significant complex in 2018.                                                   “This iconic project is designed to herald a new era in the Hungarian office market” -- said Zoltán Radnóty, CEO of HB Reavis Hungary and he also highlighted that...

The office estate market has been revitalised

Mar 30th, 2016
  The office estate market in Budapest has maintained its level of progress for 2015, which started in 2014, and has set a new record of rental rate, surpassing the earlier milestone – as reported by Cushman & Wakefield.     2015 saw the ratification of contracts regarding the lease of office spaces nearly as vast as 538 000 m2 in total – which indicates a 16% growth compared to 2014 figures. The increased demands and the lack of newly opened office blocks have decreased the vacancy rate,...

CSOK Housing Support as an opportunity for sustainable development in Hungary

Mar 30th, 2016
The Hungarian government’s plan to support the development of new housing should include measures to encourage the construction of energy-efficient homes. The following piece based on parts of an article written by Michael LaBelle and Sergi Moles Grueso at Central European University (CEU).   A price drop of 25% The unprecedented drive to reduce utility bills for household consumers in Hungary resulted in a price drop of 25%. The aftermath of the “war on private utilities” leaves the Hungarian...

Budapest Office Market represents Green Star

Mar 30th, 2016
This post contains parts of an article written by Michael LaBelle and Sergi Moles Grueso at Central European University (CEU).   Long-term solutions for high energy bills The Hungarian office market exemplifies the long-term solution for high energy bills. According to Colliers International, 26-27% of Budapest office stock is green accredited. Previous savings in energy costs amounting to 10-20% are projected to have increased to 30% in 2015. Office buildings with green accreditation, such as...

The largest development on Váci Street was further expanded

Mar 24th, 2016
The third building of the Váci Greens complex was handed over recently, offering 24 500 m2 of office space on six floors. 60% of the space offered by the building is already rented via pre-contract by GE Infrastructure Hungary Holding Kft. therefore the building will provide offices for nearly 4000 employees from March.   Buildings that were given the BREEAM Excellent because of their cheap operability and low energy consumption - the Váci Greens C and B buildings won't have to use external...

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