Budapest Offices


Sustainability: Surprise from the Developers of Gigantic Agora Office Complex

Sep 15th, 2017

Agora Budapest project is in the making since this spring. The first phase of the office complex built at the Pest side of the Árpád Bridge is planned to be finished by 2019, and the completion of the entire project is expected to take place in 2023. However, there was no need to wait so long for the area around the construction to be built up: until the first stage is fulfilled, a huge public park will make the construction process more pleasant for the passers-by. The contractor HB Reavis is planning on keeping the temporary park open for about a year.

The project is a five-office complex that is expected to attract a number of retail outlets. Although, for now there are no investors that are ready for built-in high-rise buildings, however, Örs Kigyóssy, HB Reavis Hungary's acquisition and development director is still confident. When responding to the Portfolio, he suggested that the market is working dynamically, requests are to be expected, and although no specific contract has been signed, negotiations with several tenants are in progress. They continue to increase their optimistic attitude to their London connections, since it is expected that several London-leaving companies can move their offices to Hungary during Brexit.

The planned price per square meter of the future offices is going to be 4.5-17 euros (4300-5100 forints), which is hoped to bring back the expected market value of the entire project: 140 billion forints.

After all, this park is a pleasant surprise. Though it was previously suggested that may be a shopping center will be connected to the building complex, as the proximity of subway 3 could justify it, it is not yet planned to expand the project in this direction. Besides the creation of the public park there is a plan for establishing a parking lot in the underground garage with 2107 parking spaces, moreover there is plan for building electric filling points and they promised the reparation of nearby bicycle paths. 

HB Reavis found it important for the project to meet the needs of sustainability and well-being, and fit into the city skyline, as well as to create a people-centered place where both employees and passers-by feel themselves comfortable. Creating the current friendly public space perfectly serves this purpose.


© BudapestOffices 2016.  I  All rights reserved