Budapest’s Modern Office Stock Surpassed 2 Million Square Meters in the 2nd Half of 2008

Budapest’s modern office stock surpassed 2 million square meters in the second half of 2008, with 116,500 square meters of new space delivered in this period, according to DTZ’s markets overview.

The 2,108,000 square meters of modern office space is spread over ten sub-zones concentrated in Váci út corridor with a 20 pct market share, followed by the Other, Inner Pest and CBD subzones. The most notable change in the location of the stock was in the South Pest subzone, where the volume grew eight-fold within a year, giving it a 6 pct market share.
Eight new office buildings were delivered in Budapest in H2 2008. This included the 32,580-square-meter Haller Gardens developed by AIG/Linclon in the 9th district and GTC’s 28,360-square- meter Spiral Phase I in the 13th district. Among the eight new buildings completed, Millenium Tower II (18,325 square meters) was the most successful, achieving a 71 pct occupancy rate by the end of 2008 thanks to four tenants which comprised K&H Bank and Nestlé. Vecsés, near Ferihegy Airport, is now on Budapest’s modern office map with the delivery of The Quadrum Silver (4,920 square meters) by AIG/Lincoln. Aside from these new buildings, the refurbishment of Andrássy 23 was completed, while two other buildings were extended.
According to the plans of developers, a further 340,000 square meters is due for completion in 2009.

 

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