Auchan Korzó occupancy rate hits record high!

Apart from the high footfall of Auchan hypermarkets, the attractiveness of Auchan Korzós for tenants is enhanced by the stable international background and the over 95 % occupancy rate.  

In the third quarter of 2021, the vacancy rate at Auchan Korzós operated by Nhood Services Hungary Kft. was at a record low of only 2.7%. The quarterly occupancy figures of Auchan stores have been showing an upward trend for the past two years. The vacancy rate only jumped for a short period in the second quarter of last year, but it was not high either, 4.9%, which means less than 3,900 square meters of vacant retail space. The vacancy rate in the third quarter of 2020 was 4.8%.  
 

The occupancy rates of Auchan Korzós deviated from the average level of 97.3% for only four of the 18 locations this year, while in 2020 the average occupancy rate was 95.7%.  

The amount of retail space still available varies from location to location. Typical unit size range between 20-90 square meters. For new store openings, we can offer the largest available space at Auchan Korzó Fót.   

The average rent in our portfolio was EUR 11.15 per square meter in 2020 and EUR 11.1 per square meter in 2021. Based on the first nine months of the year, this represents a 0.8% decrease in rental income across the entire portfolio compared to the end of last year, but we are already seeing rental income increase for nearly half of the properties we manage. 

The decrease in rental rates is due to the fact that we provided significant discounts to many of our partners in connection with the decrease in turnover caused by the COVID epidemic, while the increase in rents at some Auchan Korzós shows a stabilization in our tenants' activities.  

Our fundamental ambition is to ensure that Auchan Korzós continues to offer attractive business opportunities for our commercial partners, so we plan to renovate several of our locations in the coming years. In addition to expanding our services and features, we will also renew the design, while paying more attention to homeliness. The complete renovation of Auchan Korzó Soroksár has recently been completed, and we have also renovated the bathroom blocks in several of our shopping centers over the past year. In addition, a rebranding of our locations is currently underway in connection with last year's brand refresh.  

Our goal is to operate modern, state-of-the-art shopping centers that serve the needs of today's customers in every respect.