In the first half of 2018 BNP Paribas Real Estate Hungary received new Property Management and Corporate Management & Accounting mandates in Hungary for over 160,000 sq m gross leasable area (GLA).
Commercial real estate continues to display strong investment activity levels. The annual investment volume in 2017 reached the record level registered in 2016, and the trend continues. In the first half of 2018 office properties were in investors’ sights with several transactions currently under negotiations and expected to complete this year. The increased number of transactions and new developments leads to a greater demand for quality Property Management services.
With the new instructions, BNP Paribas Real Estate now manages over 340,000 sq m GLA in Hungary comprising in total 26 office, retail and logistic properties. Most of the assets are A class office buildings (58%) located in Budapest, while the retail (25%) and logistics (17%) properties are situated on the outskirts of the capital and in secondary cities in Hungary.
The new mandates include 6 prestigious office assets located in central Budapest and along the Vaci corridor, a unique office project under development in Pest, as well as retail and logistic assets comprising four additional properties around Hungary.
“We are honoured that both new and existing clients choose us to be their business partner. I am extremely proud of our team for providing such excellent, high quality standard of services as expected by our clients, which ultimately made this great achievement possible. Winning these assignments is a valuable feedback for us and an indication of the rapidly growing need for quality PM providers in the local market.” – commented Henrik Favari, CEO of BNP Paribas Real Estate Hungary.
Q1 2018 saw the addition of 18,277 sq m of office space to the modern Budapest office stock, which currently consists of 2,781,657 sq m of grade ‘A’ and ‘B’ speculative office space and 664,451 sq m of owner-occupied office space. A large number of first-generation office buildings are currently renovated, with several more projects also scheduled for refurbishment.