The View 7th edition

OFFICE MARKET

26

JUDIT VARGA

MRICS Director , Head of Advisory & Transaction Services, Offices

UNDRAMATIC WAVE OF NEW COMPLETIONS

The second half of 2018 brought a further uptick in new completion volumes around Budapest, with 155,200 sq m of new office space handed over across eight buildings. This marked the highest semi-annual new supply volume in a decade, largely underpinning previous expectations of 2018 being a turning point in the development cycle. The new completions in H2 were the new Telekom HQ (58,800 sq m – the largest standalone office building ever in the local market), Mill Park (36,000 sq m), HillSide Offices (21,900 sq m), Tópark Offices (15,400 sq m), the first phase of Advance Tower (11,300 sq m), Pasaréti Irodaház (5,900 sq m), Ecodome (4,800 sq m) and a classical building redevelopment by the name of Société (1,100 sq m). Overall, these new buildings came to market with an average 83% occupancy rate, and