Állítsd be, hogy az Economx az elsők között legyen a Google-találatokban!
The stock of A-category office buildings in Budapest has either already exceeded, or will soon exceed 2 million square metres, various analysts agree. But in spite of being near this historic milestone, most market participants agree even without saying that in the current situation, this segment of the property market, which was previously booming, is no longer the gold mine that it was last year, for example.
Even analysts agree that in the wake of the global credit crisis, investors have turned off the money taps, making it possible that compared to the 1.8 billion euros worth of property investment transactions that took place in Hungary last year, Colliers estimates that the transaction value totalled just 113 million euros in the first half of 2008, and is expected to reach a mere 400 million euros for the full year.
Among upper-category office buildings, only one 4 thousand square metre building was sold, in Terrapark, the country's first office park, to Germany's LB Immo - other than this, there were no significant property transactions.
Parallel to this development, developers also have to take into account that the occupancy rate will be difficult to raise any further in light of this year's supply increase. So far this year, more than 150 thousand square metres of new A-category office buildings were delivered in Budapest, and starting occupancy was well below plans.
At the completed second phase of the Átrium Park on Váci Road, occupancy was only 33% upon delivery, while only 25% of the Corvin Offices I. was leased, even with the moving in of its developer Futureal. Of the total close to 40 thousand square metres in the new Millennium Offices, 60% is leased, mostly thanks to Morgan Stanley moving its service centre into tower III. Occupancy in the BSR Center was slightly more than 50% in June. Among smaller office buildings, Flórián Udvar reached 10 thousand square metres of space with its second phase, with an occupancy rate of 25%. The Gateway Business Center is a welcome exception, since the Hungarian Post will lease 23 thousand square metres of offices here, for 400 thousand euros a month, after selling its headquarters on Krisztina Boulevard.
In addition to these new developments, there is a long line of new square metres that stand to be delivered. Among them, the Spiral Office Building must be mentioned, which will offer more than 31 thousand square metres of space to tenants on Dózsa György Road from September. So far, no pre-lease agreements have been reported.
So, in addition to investors losing interest toward office buildings, a rise in vacancy rates is to be expected, which could possibly lead to investments being postponed.
