The View 9

33

Size (sq m)

500

20,000

Type of scheme Retail Hotel Office Residential

40,000

63,000

Real Estate Developments Under Construction in South Budapest

Source: CBRE Research

Four of the five largest pre-leases in H2 were signed along the Váci Corridor, including the largest pre-lease ever recorded in an already commenced project, signed by ExxonMobil for 27,300 sqm in the Pillar development by GTC. Other significant pre-leases in the submarket included a 11,800 sq m deal for a SSC function in Green Court, a 5,200 sq m deal by Intrum in Váci Greens F and ca. 4,000 sq m commitments each by HubHub and Qubes in Agora. The second most targeted submarket was once again South Buda with 23% of all net take-up, also strongly driven by pre-leases. However, the largest deal here was signed in an existing building, as ThyssenKrupp leased 15,900 sq m of vacated space in South Buda Business Park. Pre-leases in South Buda were plentiful but smaller in size, with the three largest being around 3,000 sq m and signed by Roche and Estée Lauder in Budapest One and by Semcon in BudaPart Gate. The third highest take-up volume was registered in Non-Central Pest. Notably, the submarket saw a 6,000 sq m pre-lease signed by TÜV Rheinland in Gizella Loft and a 4,800 sq m lease by Docler Services in the recently completed Hungária Center. The remaining submarkets all lagged behind with single-digit shares within net take-up, as there is limited room for movement in the existing stock and their ongoing pipeline is slim.