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Real estate and retail news

The logistics property market continues to boom in Hungary. The new Mol headquarters, which is also Budapest’s tallest building, has opened. The Budapest Property Consultants' Forum analyzed the Budapest office building situation. The industrial real estate market brought record numbers. CBRE's latest report summarizes the cross-generational attitudes that will shape the future of our built environment. The Westend food court is undergoing a complete remodeling, with the aim of creating a community space function. Below is a selection of the latest real estate and retail news.

The industrial real estate market brought record numbers

At the end of last year, the modern industrial-logistics real estate stock amounted to more than 4.5 million square meters, the majority of which, around 3.1 million square meters, is in the agglomeration of Budapest. The vacancy rate in the vicinity of the capital fell to 3.8 percent, so only 120,000 square meters of industrial and logistics space was still waiting for tenants. CTPark Sziget signed the largest pre-lease contract ever measured.

The logistics real estate market continues to boom in Hungary, although rents may increase

The vacancy rate of the logistics real estate portfolio in Budapest was only 3.8% at the end of last year, while 391,000 m2 is under construction. Thanks to the growing demand, according to Prologis experts, even a price of around 6 euros/m2 may appear on the market this year. The company continues to develop the existing portfolio of Prologis Park Budapest-Sziget II.

Wing sold Máriássy House to GRAWE Group

WING has sold the Máriássy House complex, which it has owned since 2003, consisting of a renovated historic building used as offices, the Calf Market Hall and a modern office building built in 2005. The buyer is GRAWE Group, which acquired the property as an investment.

The capital's tallest building was handed over - Mol's new headquarters has opened

The Mol Campus, the tallest office building in Budapest, was handed over. The 143-meter-tall building next to the Kopaszi dam opens its doors to the public from spring, and visitors can also go up to the observation terrace on the 29th floor. In the building, 2,500 people will be working on the company's growth as Hungary's energy supply must be ensured, said the president and CEO of the Mol group at the opening ceremony on December 8.

Massive renovations in the Westend Shopping Mall

The Westend food court will undergo a full renovation in the coming months. During the planning process, the shopping center paid special attention to ensuring that the area fulfills the function of a public space to a large extent after the transformation, while also reflecting the operator's consistent sustainability strategy and commitment to innovative solutions. The works are expected to end in July, but the restaurants of the high-traffic gastro space will continue to operate undisturbed during this time.

The sales revenue of IKEA Hungary increased by almost 20 percent last year

IKEA Hungary achieved a turnover of 130 billion forints in the 2022 financial year, which is an increase of almost 20 percent compared to the previous year. Online sales increased at an even higher rate, by 34 percent.

The first phase of the East Gate Pro Business Park has been completed

WING, one of the largest players in the Hungarian industrial real estate market, handed over its latest development, the first two halls of the East Gate PRO Business Park. The newly handed over, high-tech buildings offer hall spaces suitable for production, assembly, fulfillment and warehousing purposes, complemented by high-quality office and service functions.

How will the future of office buildings in Budapest develop?

In the office market, the Budapest Real Estate Consultants' Conciliation Forum (BIEF) publishes several important metrics on a quarterly basis, on the basis of which the domestic sector can be analyzed. These are net absorption, demand, extension, relocation, supply, the number of transactions, but the most spectacular element of the statistics has always been the vacancy rate. The article looks at how the numbers have evolved over the past 15 years.

This is what the real estate market of the future looks like. This is how we will live, work and shop

CBRE's latest report summarized the cross-generational attitudes that will determine the evolution of our built environment in the upcoming period.

These were the highlights of the recent period in the real estate and retail market. We'll be back with the latest news in our next issue.