News

May 2019-Hungary-Budapest-lease/commercialization of A-class office buildings by Litwiniuk Property.

The consulting company Litwiniuk Property has started providing rental / commercialization services and sales of A-class office buildings, logistics parks and shopping centers in Hungary.

"In May and June 2019 Representatives of the Litwiniuk Property consulting company during their stay in Hungary in Budapest, agreed cooperation on commercialization with leading international investors of A-class office buildings, i.a. we began commercialization of one of the largest office complexes in Budapest called MILLENNIUM GARDENS with a total area of 37,000 m2" - said Patryk Litwiniuk - General Director of consulting company Litwiniuk Property.

See - presentation of the investment - Millennium Gardens

 

The Budapest Research Forum (hereinafter the 'BRF') The total modern office stock currently adds up to 3,628,105 sq m, consisting of 3,018,390 sq m category 'A' and 'B' speculative office space as well as 609,715 sq m owner occupied space. In Q4 2018, the office vacancy rate stands at 7.3%, representing a 90 basis points increase quarter-on-quarter and a 20 basis points reduction year-on-year. Similarly, to the previous quarter, the lowest vacancy rate was measured in the Non-central Pest (3.4%) submarket. The second lowest vacancy rate was registered in the Váci Corridor submarket (4.3%). The Periphery still suffers from an overwhelming vacancy rate. (38%)

Total demand in the fourth quarter of 2018 reached 171,490 sq m, representing a 19% growth year-on-year.The total annual demand amounted to 535,560 sq m, which means the annual demand reached the record volume registered in 2015.In the fourth quarter the largest share of the total demand was 36.2%, taken up by new lease agreements. Pre-leases accounted for 26.3%, renewals made up 25.3% while expansions represented 12.2% of the total leasing activity.

Similarly, to the previous quarter, the strongest occupational activity was recorded in the Váci Corridor submarket, attracting 38% of the total demand. The Váci Corridor was followed by North Buda with a share of 15%.The CBD submarket holds a share of 13%, while South Buda reached a share of 11% in the total demand.

According to the BRF, 202 lease agreements were signed in Q4 2018, with an average deal size of 849 sq m. BRF registered 34 transactions occupying more than 1,000 sq m office area split into 8 pre-leases, 10 renewals, 12 new transactions and 4 expansions.The quarter's largest transaction was a pre-lease agreement concluded by Raiffeisen in Agora Tower on 19,300 sq m. The largest renewal was signed in North Buda submarket on more than 10,000 sq m. The largest new lease contract was registered for 6,200 sq m in White House, while the largest expansion was singed for 2,300 sq m in Váci 33.

The net absorption in the fourth quarter amounted to 6,350 sq m. The annual net absorption totalled 228,380 sq m which is 79% higher figure than the volume registered in 2017.

Office in Warsaw Warsaw Equator Ochota, Equator II

Office in Szczecin Oxygen

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Warsaw tel. +48 22 275 57 85 fax +48 22 275 56 00 Warsaw Equator Ochota Equator II 00-807 Warszawa Aleje Jerozolimskie 96
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