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