According to portfolio.hu, the image of Budapest will be totally different within a few years and that is why there are so many cranes everywhere in the city nowadays. The office investments are already taking place and it is not only the volume of the construction that is worth mentioning but also some of the gigantic projects that are going to be realised soon. Here is the list of the projects that surpass the largest buildings existing so far with their size and thus they change the image of Budapest entirely.
One of the greatest office investments is the set of offices dreamt in the framework of the BudaPart project. Property Market plans to build offices in around 300,000 square meters within the following 10 years. In the 1st phase of the expansion, they are going to construct offce buildings in 20 square meters along with 2 apartman blocks.
The BudaPart Gate office building, that is classified as A+ category and has received LEED qualification, is already being constructed.
The execution is carried out by the Market Építő Zrt., a leading building and construction company and, according to previous estimations, it is going to be finished by the beginning of 2019.
Furthermore, it is also known that the BudaPart is going to be home for the new headquarter of the Mol Group, but in fact, it was Mol who bought out BudaPart of this particular project. Thus, it is considered to be a development of their own. The complex could become the largest headquarter (in gross 83,000 square meters) in Budapest. The enterprise plans to move away from its 11 buildings into only 1, the 120-meter tall, 28-storey monstrosity located at the Kopaszi dam.
A further monumental plan is figured out by the Pallas Athena Foundations, which dreamt an enormous investment to an area of 7.5 hectares in the Váci Street. The area found in Váci Street 160-168. was bought for 55.2 million euros (17.2 billion forints) that is composed of 3 parcels where on 150,000 square meters, colossal plans can be realised within 3 years.
The foundations count on the enterprises, which, due to the Brexit, want to move their headquarters from London to the outskirt of Budapest.
After the 1st investment with the Váci Corner Office, HB Reavis starts its new investment, called Agora Budapest. The project, planned to be realised on the Pest side of Árpád Bridge between Károly Róbert Avenue and Váci Street, is going to be built up by 2023. Along 5 buildings, based on previous plans, they are going to set up 40 other shops as well.
The set of buildings will be constructed by MAKE Architect of London and the local FINTA Stúdió.
The 1st phase of the project has already started and the 8-storey Agora Hub, that can be also rent, is going to be finished by the summer of 2019.
An unprecedented office block is going to be built for the Hungarian Telekom as well. The building, planned to be set up on Kálmán Könyves Avenue, would provide workplaces for approximately 4500 people on 58,000 square meters.
An underground parking lot of 1350 spaces, a bicycle rack for more than 300 bikes and a conference hall for around 300 people are also among the plans to be realised by the developer WING.
According to previous estimations, the plan is going to be finished by the end of 2017 and the contract with the Hungarian Telecom lasts for 15 years.
A further interesting future project is the Future Budapest One, a park constructed at Kelenföld on 70,000 square meters, but the details of the project are still unveiled.
Borbála Csuhay, the Director of Sales and Financial Services of the Property Market Kft. revealed that
the stock of offices in Budapest has been increasingly growing and the gross property-leasing was very strong in the 3rd quarter of the year.
A very low vacancy rate, that is under 10%, characterizes the offices in Budapest and the lowest rate can be found in Southern Buda where it is only 3.3%. The average lease is between 13-16 euros per square meters depending on the location and the certification of the establishment.
The significant increase of execution and workmanship imply the increase of rental prices as well.
Borbála Csuhay advices to enter into contract in advance, which is not only relevant because of the increasing prices, but also because of the decrease in the number of vacant spaces available.
Photos: www.facebook.com/MOL; facebook.com; HB Reavis; portfolio.hu