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BUSINESS JOURNAL BUDAPEST

VOL. 29. NUMBER 9

MAY 7 – MAY 20, 2021

SPECIAL REPORT

Real Estate: Offices

SPECIAL REPORT

Office Market Talk: Flexibility is Key As the office market faces the changes demanded by the post-COVID environment, Budapest must also deal with challenges over demand and supply, developing expectations from tenants, and the sourcing of plots in emerging districts. 9 SPECIAL REPORT

New Hotspots Develop as old Favorites Fill Up Business districts have become increasingly widespread across Budapest with new areas emerging as developers look to source suitably sized, well-located plots with direct transportation links that provide visibility.  16

Hey, Big Spender

SOCIALITE

The Chance to Wander Around Museums Again Budapest’s museums and galleries will soon be open to visitors who can prove they have received their vaccination. That news has made David Holzer realize just how much he has missed whiling away hours in the city’s grand temples of culture and its funky spaces. 33

NEWS

Pfizer Lines Stretch Around the Block Hungary’s gradual reopening continues as the vaccination rollout gathers pace. However, mixed messaging about the Pfizer jab and a crash of the registration system led to long lines outside some hospitals and vaccination centers, as our roundup reports.  4

N EW

Minister of Finance Mihály Varga introduces an election year budget draft for 2022 that he says will support families, reintroduce the 13-month pension, provide tax exemptions for earners under 25, while further reducing the tax burden on employers and supporting investments that create jobs.3 BUSINESS

ESG Goes Mainstream, Requires Action Today There is a growing need for decision-makers to incorporate environmental, social, and governance factors into their portfolios, the first virtual V4 ESG Conference organized by the Hungarian Business Leaders Forum has been told.  5

2|1

News

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Budapest Business Journal | May 7 – May 20, 2021

THE EDITOR SAYS

EDITOR-IN-CHIEF: Robin Marshall EDITORIAL CONTRIBUTORS: Kálmán Béres, Zsófia Czifra,

Kester Eddy, Bence Gaál, David Holzer, Christian Keszthelyi, Gary J. Morrell, Nicholas Pongratz, Gergely Sebestyén, Robert Smyth, Bálint Szőnyi, Zsófia Végh. LISTS: BBJ Research (research@bbj.hu) NEWS AND PRESS RELEASES:

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There was a lovely cover on a recent issue of the New York magazine: a black and white shot of an empty office, looking across the floor and out through all but floor-to-ceiling windows towards the Manhattan skyline. The headline was “Remember the Office?” The office in the photo appears deserted. It could be a symbol of the working reality amid today’s pandemic. If so, does it represent the beginning of lockdown, desks left in a hurry as employees move overnight to the home office? Or does it suggest something more positive, a workspace quietly awaiting the return of human life? In truth, the photo was all about the onward march of bright and shiny modernity when Ezra Stoller took it in the then newly completed Seagram Building in 1958. But to my mind, viewed today, it represents an optimistic moment; the vaccine rollout continues at pace, restaurant terraces are reopening, primary school children are back in the classroom, and please God, those in secondary schools will soon follow. This issue of the Budapest Business Journal includes a special report dedicated to the office. There are many open questions about its exact role, the space requirements, the balance between working from business premises and doing so remotely. But, as one of our interviewees says inside, at least one key argument has been settled: we need offices, and they are here to stay. That alone must be an enormous relief to the investors and developers of this world. However skeptical they might have been in the face of those proclamations about “the death of the office” at the start of the first lockdown, it is always better to have your thesis tested and proved. With the big question now out of the way, attention can turn to various smaller matters, and here, one

word cropped up time and again when we spoke to the market players: flexibility. It applies to everything from lease terms to how – and when – to use office space. Bright and shiny modernity, in its current guise of digitization and new technologies, will also become more critical. New buildings must already be kinder to the global environment (less polluting and invasive, more integrated and circular), but now they have to consider our working environment too. Expect more touchless touches, more natural light, more fresh air. Our market players seem broadly positive, but then again, you would expect them to be so; there is no point in building offices unless they can persuade us to sit in them, and a glum disposition is not going to make that easier to achieve. Opponents of space exploration or Formula 1 motor racing always question the expense when we can’t, for example, properly feed the world. Proponents point to the trickle-down benefits of technologies developed to work at the cutting edge (not to mention the stat cited in a Huff Post article, amongst others, that estimates a USD 7-14 return on investment for every USD 1 of NASA expenditure). The budgets won’t be anything like the same, of course, but it feels a little like that might be where office development is heading. New offices have to be increasingly energy efficient because EU laws demand it, but so do many of the brightest talents companies want to hire. Building for a post-pandemic world means those buildings must also become smarter, quicker. It could well be an exciting few years for the people who build offices, and those of us that work in them too. Robin Marshall Editor-in-chief

Photo by MTI / Tamás Kovács

Photo by Fortepan / István Péterffy

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THE OFFICE IS DEAD, LONG LIVE THE OFFICE

THEN & NOW

Megan Walker, a player of Sopron Basket, cuts off the net on May 10 after winning the fourth match of the first-class national championship finals against KSC Szekszárd, the team defending its championship title. In the black and white image, Kistext plays against Monori SE in the third tier of the national championships in 1970 in Monor (38 km southeast of Budapest) on the capital’s outskirts

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Budapest Business Journal | May 7 – May 20, 2021

News///macroscope

Election-year Budget Ramps up Spending on key Voting Groups

with the contract signed in 2016 by the government, employers, and employee representations. Varga said the prediction is for average wages to grow by 8% next year. Regarding the basic minimum wage and the minimum wage for skilled workers, he noted that an agreement between employers and employees would provide the basis for calculating these. The minister noted that a HUF 233 bln reserve fund had been set aside in the budget to manage risks. The Fiscal Council also criticized this, saying said reserves in the 2022 budget for any unforeseen risks were low.

EU Funding

Next year’s budget will be the first since Viktor Orbán took back the reins of power in 2010 in which his government will not keep the shortfall below the European Union’s usual 3% of GDP ceiling. The election-year budget aims at restarting the economy, and it favors major voting groups as the government faces, for the first time, a united opposition candidate next April.

Varga also said when presenting the draft bill that Hungary could count on more EU funds in the new EU budget cycle than ever before, adding that the government expects HUF 3.001 tln from the EU in 2022. The general discussion of the draft bill will start soon, which will be followed by committee hearings and more detailed talks. Parliament should pass the bill by July 14 at the latest, Varga said. In the meantime, the government has sent its updated Convergence Plan to Brussels. The latest version shows that the government expects GDP growth to accelerate to 5.2% next year from a projected 4.3% in 2021. It outlines a 5.8% increase in household consumption expenditure and a 7.2% rise in gross fixed capital formation. Exports of goods and services are expected to increase by 10.5%, outpacing projected import growth of 10%. The government sees the unemployment rate for Hungarians between the ages of 15 and 74 declining from 4.2% in 2021 to 3.3% in 2022. The update confirms that Hungary expects next year’s general government deficit to

reach

5.9%

ZSÓFIA CZIFRA

According to Minister of Finance Mihály Varga, next year’s budget will support families, reintroduce the 13-month pension, provide tax exemptions for earners under 25, while further reducing the tax burden on employers and supporting investments that create jobs. Dubbed as the “budget for restarting the economy,” the draft bill was presented to parliament on May 4. “Due to the pandemic, the most prominent part of the draft bill is relaunching the economy; at the same time, it reserves the values the government has always praised, such as protecting families, supporting those raising children, and honoring the elderly,” Varga stated when he handed over the draft bill to Parliamentary Vice President János Latorcai. The government’s budget calculations assume a

dynamic

5.2%

annual GDP growth, with a deficit target of 5.9% of GDP and public debt of 79.3%. The government is taking advantage of the leeway granted by the European Commission, allowing EU member states to run higher budget deficits this year and next due to the pandemic. In

The draft of the 2022 Budget Bill, submitted to Parliament on May 4, 2021. Photo by MTI / Illyés Tibor doing so, it ignores a warning from the Fiscal Council that budget deficit and public debt levels should be reduced more aggressively as Hungary returns to growth in the aftermath of the pandemic. The council said the proposed 0.6% reduction in public debt to 79.3% of GDP next year, as well as the planned decrease in the budget deficit, were “insufficient,” while the government’s growth forecast was near the top end of current projections.

Largest Ever

The draft bill, as Varga emphasized, outlines the most extensive economic program to date with HUF 7.308 trillion for restarting the economy. The main areas would receive more funds than last year: HUF 2.778 tln is earmarked for supporting families (including the tax exemptions for the under 25s and housing subsidies), HUF 483 billion more than in this year’s budget, Varga noted. The government will ensure tax exemptions for families moving into

new homes, saving this group HUF 170 bln. It will spend HUF 255 bln more on pensioners than it did in 2021 and earmark HUF 160 bln to reintroduce the 13-month pension. Varga stressed that pensions would grow in line with inflation. As there is a 3% inflation target in the budget, he said that if inflation exceeds that, some HUF 68.5 bln is set aside for a pension premium. Healthcare is also in the focus of next year’s budget draft: the government plans to

spend

HUF 2.884 tln

on it in 2022, HUF 769 bln more than this year. Varga emphasized that those healthcare workers fighting in the pandemic frontline would receive a collective HUF 460 bln for raising their wages. Reducing taxes and social contributions would leave some HUF 423 bln more with families and enterprises in 2022, Varga said. The social contribution tax would be reduced by a further two percentage points next year, in line

of GDP before narrowing to 3.9% in 2023, 3% in 2024, and 2% in 2025. The primary deficit, which excludes the cost of debt servicing, is set to narrow to 3.5% of GDP in 2022, 1.5% in 2023, and 0.8% in 2024 before the balance returns to a modest 0.1%-of-GDP surplus in 2025. State debt relative to GDP will to return to a downward path, as required in Hungary’s constitution, from 2022 and reach 73.1% by 2025, still well over the 65.5% ratio at the end of 2019, before the pandemic hit. The program projects a HUF/EUR exchange rate of 360.9 for 2022-2025.

Numbers to Watch in the Coming Weeks The Central Statistical Office will release data on April consumer prices on May 11, followed by a second estimate of March industrial output figures the next day. On May 13, the construction sector’s performance in March will be under scrutiny. On May 18, first-quarter GDP data will be out.

4|1

News

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Budapest Business Journal | May 7 – May 20, 2021

Terraces, Services Reopen, as Pfizer Lines Stretch Around the Block Restaurant and cafés terraces reopened on April 24, after 3.5 million Hungarians had been vaccinated, Prime Minister Viktor Orbán announced in a video posted on his Facebook page the day before. In addition to reopening, the terraces are allowed to remain open until 10:30 p.m., and the overnight curfew will concurrently be shortened and start at 11 p.m., Gergely Gulyás, the head of the Prime Minister’s Office, said at a weekly press briefing on April 22. NICHOLAS PONGRATZ

The opening of the terraces noticeably reduced traffic at shopping malls that weekend Judit Balatoni, secretarygeneral of the Association of Hungarian Shopping Centers (MBSZ), told business daily Világgazdaság (Global Economy).

Coronavirus ///roundup

Vials of the Russian Sputnik V coronavirus vaccine are prepared at a vaccination site set up at the Dr. László Elek Hospital and Clinic in Orosháza (196 km southeast of Budapest) on May 5, 2021. Photo by MTI / Tibor Rosta This effect seems sure to be temporary as a broad range of stores and services also reopened when Hungary reached the four million people vaccinated threshold on

April

30,

according to a short video Orbán posted on his Facebook page that evening. The Prime Minister had earlier noted that these services would be available to people with COVID immunity certificates, which Hungarian citizens receive after getting vaccinated. Certificate holders can now patronize theaters, dance performances, concerts, the circus, cinemas, gyms, swimming pools, baths, skating rinks, zoos, amusement parks, museums, libraries, and sporting events, as well as interior dining areas at restaurants.

Hungary has reached bilateral agreements with Serbia and Montenegro on mutual recognition of these COVID immunity certificates, Minister of Foreign Affairs and Trade Péter Szijjártó said in a message posted on Facebook. Slovenia and Bahrain were added to the list on May 1. The government expects that five million people, half of the total population, will have had at least their first inoculations by the middle of May, Gulyás reported in a weekly press briefing on April 29. Apart from allowing wedding receptions, Orbán told Kossuth Rádió that the easing of any further restrictions would only happen closer to that time.

‘R’ Number Falls

Meanwhile, the reproduction number of the coronavirus in Hungary has fallen to around 0.7, Minister of Human Capacities Miklós Kásler told

conservative daily Magyar Nemzet (Hungarian Nation) on April 22. Additionally, 62% of Hungarians now say they have firm plans to get vaccinated, according to a weekly survey by the Central Statistical Office (KSH). Some 1.48 million doses of coronavirus vaccine from China and Russia were due in the following 10 days, Szijjártó said at a press conference on April 21. Of these, 600,000 jabs of the Sinopharm COVID vaccine had arrived on April 24, while Russia delivered 480,000 doses of its Sputnik V COVID vaccine on April 27. According to data posted on the government’s official website for pandemic news, koronavirus.gov.hu, these “Eastern vaccines” account for just under half of the total number of jabs Hungary is using in its rollout program. From the “Western vaccines,” some

355,000 doses

of the jab developed by Pfizer and BioNTech arrived in Hungary on April 27, which led to an unusual circumstance on April 30. Orbán told Kossuth Rádió during his weekly broadcast that morning that registrants could choose the Pfizer vaccine on the website for scheduling vaccination appointments. The Government Information Center later wrote that a total of 100,000 doses of Pfizer vaccine had been set aside for the vaccination program on that day only. That prompted the forming of lines hundreds of meters long at hospital vaccination points after the registration page crashed earlier in the morning. While this could have been due to the high level of traffic the website received for the Pfizer vaccine, the Operational Corps suggested a cyberattack had hit the website.

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Business

ESG Goes Mainstream, Requires Action Today

“We are at the tipping point. Sustainability and broader ESG skills are core competencies required across all business areas,” he said adding that there are several ways to approach ESG ranging from compliance considerations through a full assessment. “The winners in this market will be those who can articulate their ESG policy and position their products early to take advantage of the growing interest in the market,” Teare explained.

Sustainability Architecture

There is a growing need for decisionmakers to incorporate ESG (environmental, social, and governance) factors into their portfolios. Delivering sustainable and responsible investing, however, requires action from stakeholders across the board: asset owners, financial institutions, wealth managers, and government. These were the most important messages of the first virtual V4 ESG Conference organized by the Hungarian Business Leaders Forum (HBLF). ÉVA KASZAP

The mission of the April 27 event, which featured Budapest Business Journal editor-in-chief Robin Marshall as master of ceremonies, was to unite global and regional ESG leaders and change-makers from the private and public sectors for a day-long online conference to shed light on the most pressing challenges and opportunities presented by world-class ESG investment approaches. Opened by Zsolt Jamniczky, chairman of HBLF and member of the board of directors at E.ON Hungária Zrt., the conference featured almost 40 worldrenowned ESG experts. In his presentation, Remy Briand, managing director of investment research firm MSCI called attention to the fact that the net zero revolution is not just a necessity but also an opportunity for companies and investors. Among future expectations he highlighted the COP 26 UN Climate

Change Conference, to be held in Glasgow in November, announcing several newcomers to mandatory Task Force on Climate-related Financial Disclosures (TCFD) reporting, newly set targets for emission reductions, and well-defined requirements for climate stress tests for central banks. According to Briand, the transition will heavily depend on the critical role of technology and alternative data. Since asset owners are adopting new benchmarks, large financial institutions will face changing stakeholder preferences, he warned. BlackRock Switzerland managing director Mirjam Staub-Bisang told the online audience that growth in sustainable investing outpaces asset management (AM) over time. In 2020, total AM growth was

only

compared to 27.3% in sustainable investing, generating some 5.5 times higher development. She also said that the biggest challenges to adopting sustainable investing remain ESG data and analytics. The poor quality and availability of these remain key hurdles for stakeholders in almost all regions. According to her the most important societal cornerstones for success are swapping fossil fuels for renewables, the adoption of new ways of living, and the extraction of greenhouse gases.

Changing Picture

Janson Channell, managing director for Citi Global Insights gave a comprehensive picture of how the nature of risks has been changed both by globalization and by human and

economic impacts. He explained that climate change provides a perfect example of the interlinkages between systemic risks and its ecosystem. He emphasized the growing importance of supply chains as companies are often judged on sustainability metrics across the entire supply chain and downstream from their operations. “However [much] progress and pace differ by asset class and by geography, ESG investing is now a mainstream. Sustainable finance is simply about risk, opportunity, and the pricing and allocation of capital and, hence, it is fundamental to financial markets, and here to stay,” he said in his keynote. David Radermacher, vice president for sustainability and climate at grid operator, E.ON confirmed that combatting climate change requires massive investments. According to him, ESG provides focus and drives innovation and new technologies. E.ON has implemented ESG in a holistic way to capture growth resulting from the collective fight against the climate crisis. He believes that the company’s approach creates values in the long-term through diversity, human rights, community involvement, health and safety, as well as resource efficiency. Strong ESG performance reflected in ESG ratings creates transparency and is rewarded by investors, he added. Alastair Teare, Deloitte Central Europe managing partner, said that ESG is now a core part of any investment portfolio, with increasing activity from regulators, consumers, and employers. The sector is characterized by a lot of information but little standardization, according to him. He highlighted that robust methodology and well-defined risk management are needed.

The last keynote speaker of the morning was Robert Adamczyk, senior environmental advisor of the European Bank for Reconstruction and Development (EBRD). He explained how EBRD approaches ESG, giving an insight into European Union environmental and sustainability architecture. The bank’s Action Plan on Sustainable Finance, as well as its new strategies, are based on the so-called European Green deal, a cross-sectoral plan to transition Europe to climate neutrality by 2050, and the new EU Climate Law that aims to place tackling climate change at the core of EU policymaking. As a lender, EBRD’s finance legislation incorporates a Non-financial Reporting Directive (NFRD) laying down the rules on disclosure of nonfinancial and diversity information by large companies, as well as the EU taxonomy, the establishment of a list of environmentally sustainable economic activities, and finally the EU Sustainable Finance Disclosure Regulation (SFDR), providing greater transparency on the sustainability of financial products. For the afternoon, the conference created a platform for moderated blockbuster roundtable discussions, bringing together prominent experts from the region to share experiences among peer professionals. Topics covered the likely latest trends on regional and global stock exchange operations and university research, as well as company best practices and strategies on climate risk in investment. The event even provided content during the lunch and coffee breaks. In various breakout rooms the champagnes of the Kreinbacher winery were introduced (with the opportunity to “win some fizz if you play the quiz”), and there was a chance to meet Damion Rallis and Matt Moscardifrom Free Float Media and discuss the topics and latest trends from their podcasts. The conference brought together 38 keynote speakers, moderators, and panelists, it had some 50 co-operating partners, and it drew 200 attendees from

companies,

including 40 students and researchers who were granted free access. This was also the first ESG related conference organized by HBLF, and the first time it has sought to cross borders and cover the V4 (which includes the Czech Republic, Poland and Slovakia as well as Hungary) and the region. The hope is that this will become an annual conference.

6|2

Business

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Budapest Business Journal | May 7 – May 20, 2021

Is the Global Economy Heading Towards a Crack-up Boom? Assets are growing at pace, yet some commentators are sounding warning bells with increasing vigor. Is the global economy really in danger of going to pieces? Columnist Les Nemethy looks at what a “crack-up boom” is, and ponders whether we are heading towards one now.

Venezuelan Stock Exchange Index "I can’t think of a graph that better illustrates a crack-up boom."

Source: www.fullertreacymoney.com

• Government debt in Japan exceeds

According to Ludwig von Mises, founder of the Austrian School of Economics: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as the final and total collapse of the currency itself.” In other words, according to von Mises, governments can turn off the lending spigots and prick the debt bubble, causing a recession or depression, but if they pass a certain point of no return, a currency collapse becomes inevitable. This may sound a little dramatic. Is there any possibility that we are heading towards a crack-up boom? Numerous indicators point towards the most serious debt balloon faced simultaneously by virtually all economies of the modern world : • Global debt has skyrocketed to more than USD 280 trillion, some 355% of global GDP; • U.S. debt has surpassed USD 80 tln, some 400% of GDP (of which government debt has reached USD 30 tln);

220% of GDP. The world has never been more awash with debt and in the future, there is even more in the offing: • In the United States, there is also more than USD 100 tln of unfunded pension and medical liabilities of the government; • The fiscal deficit of the U.S. Government is entering into doubledigit percentages of GDP; • The U.S. Government plans another USD 4 tln infrastructure stimulus program, in addition to the trillions it has already spent on stimulus. Evidence of prices on the rise is everywhere. Commodity prices (metals, agriculture, etc.) are rising dramatically (lumber is up 400% in a year). Real estate prices in the United States, Canada, and other major economies are seeing doubledigit percentage annual price rises. Capacity shortages, from computer chips to shipping services, are driving up prices. It is only a matter of time before all of the above starts feeding into the Consumer Price Index. Meanwhile, global stock markets have reached a new high (their capitalization has surpassed 200% of global GDP) and cryptocurrencies are going crazy. We have an “everything boom.” Well, almost everything.

The U.S. Federal Reserve has admitted that we will experience some inflation but insists that this will be of a temporary nature only. The majority of the world seems to believe this assertion today because it is on the good authority of the Fed. But then again, in 2008 the Fed adopted the unorthodox monetary policy of Quantitative Easing (QE), and to allay market concerns, told the world that this was purely temporary. A subsequent brief attempt by the Fed to reverse QE in 2013 resulted in a “taper tantrum,” a surge in U.S. Treasury yields. Today QE is going stronger than ever. The U.S. Fed and the European Central Bank have each accumulated more than USD 7 tln of assets on their balance sheet and are still growing strong. My opinion, for what it’s worth, is that this upcoming bout of “temporary” inflation will be about as temporary as QE has proven to be.

Market Psychology

Inflation is very much a function of market psychology. Once people expect inflation, velocity increases because people want to buy or invest their cash before it loses its purchasing power. At that point the genie is out of the bottle; there is a natural tendency towards inflation accelerating.

The Corporate Finance Column We all know that for years the Venezuelan economy has been heading towards disaster and hyperinflation. Notice in the graph to the left how the Venezuelan stock exchange index is going vertical. By the end of 2020, the Venezuelan exchange ended up with a market capitalization of 1,270,229,028,210,000 bolivars. Due to inflation, that was a mere USD 1.3 billion, the Financial Times says. Based on historical examples, Austrian economists tell us that the first phases of the crack-up boom can feel quite good: assets are going up, and people who have assets are feeling richer until the currency collapses. (Some say it’s like sex; it feels best just before the end). The currency collapse drives home the real value of assets. (At times of currency collapse, it is typically gold that best holds its value. In 1923, at the height of hyperinflation during the Weimar Republic, you could buy a large bungalow in the luxurious suburb of Berlin for eight ounces of gold). It seems we are already in the early phases of a crack-up boom. That is not to say the crack-up is inevitable. We will move to mid-stage once a majority conclude that inflation is not temporary, at which point inflation will tend to accelerate. As momentum picks up towards indebtedness and inflation, it will prove ever more difficult for governments to step off the path to currency collapse. Many of us share a sense that while markets are booming, they are also increasingly volatile and dangerous, which is why the concept of a “crack-up boom” has merit and provides a cautionary message. Les Nemethy is CEO of Euro-Phoenix Financial Advisers Ltd. (www.europhoenix.com), a Central European corporate finance firm. A former World Banker, he is author of Business Exit Planning (www.businessexitplanningbook.com) and a past president of the American Chamber of Commerce in Hungary.

Your essential Guide to Investing in Hungary including articles looking at the benefits available, case studies, EU funding, and commercial property investment.

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Budapest Business Journal | May 7 – May 20, 2021

PARTNER CONTENT

Business | 7

BBC: Where Knowledge Learned at uni Goes into Practice Budapest Business Club is one of the most active student organizations of the University of Corvinus with almost 140 members who are beginning to build their professional careers and lay the foundations for their future. EVELIN STEYER AND BEÁTA BODNÁR

Club members are able to get acquainted with three specializations: marketing, HR, and sales. Professional development is guaranteed as students get to know themselves, broaden their horizons and build new relationships. The experience that can be gained and the wide range of community programs are also great reasons to join the organization. The members can forge lifelong friendships through the years spent in BBC. Members in the marketing specialization are tasked with organizing unique, quality events, as well as broadening the horizons of the students and complementing university knowledge with current, interesting topics. The focus of here is on planning, implementing, promoting and organizing these events. Besides event management, the members can also develop a creative mindset, as well as master their online and offline marketing skills.

In the HR specialization, the focus is on coordinating the recruitment and selection processes for the entire club, from its appearance at the freshman camp, through interviewing and the organization of the Involvement/ Integration Camp. HR is also responsible for maintaining the internal motivation of the membership by organizing regular community programs, parties, camps and coordinating the Mentoring Program. BBC is committed to training

and supporting its talents to prepare them for their future careers, which is assisted by the four-semester Talent Program. HR plays a major role in organizing and managing this program. The sales specialization is in charge of developing and operating the BBC’s corporate partnerships. Members of this unit are also responsible for all sponsorship collaboration, as well as for financial processes between the student organization and the corporate sector. The sales team members strive to

establish long-term collaborations with the partners, during which they build an extensive network of contacts at both organizational and individual levels. We have long-term cooperation with many large companies, such as Diageo, Vodafone and Unilever, to whom, besides our reliability, we offer a high-quality collaboration process and an efficient direct channel to reach students. Our partnerships are based on two main keystones: branding and employer branding. Our various self-organized recitations are also worth mentioning, which reach out to hundreds of students, as we make these available on both offline and online platforms. Well-known performers, such as Zsuzsi Berta and Attila Bognár, the marketer and manager of the A38 ship, and the gastro blogger Zé Fördős have already attended our events. Budapest Business Club has managed to build a relationship with the students of Corvinus based on trust, resulting in an extremely high reach both offline and online and an ever-expanding number of long-term collaborations. Our organization plays a huge role in shaping future ideas and launching the careers of fellow students. The talent program helps our members acquire competencies that would be an advantage later in professional life and it leads them to build a successful career.

Top Legal

EXECUTIVES In Hungary

2021 The most influential legal executives in the Hungarian economy

The Top Legal Executives magazine is a special annual publication of the Budapest Business Journal. It forms part of our “Top” brand, and is a sister publication to Top Expat CEOs in Hungary. Like Top Expat CEOs, the magazine has a focus on people rather than policy. It presents the profiles of the most influential legal executives working in the Hungarian economy, focusing on outstanding achievements and how the Hungarian legal market is developing. Those profiles of Hungary’s top “legal eagles” are set against a review of how the Hungarian legal system operates, including the functioning of the Curia (the Supreme Court of Hungary) and the Constitutional Court, as well as the Budapest and national bar associations, among other things.

Why Should I Subscribe? • Provides an essential overview of how Hungary’s legal system operates. • Get an insight into the biggest cases of 2020, and likely legal developments in 2021. • Get to know the personalities behind the legal business. • Read personal accounts from the country’s top lawyers, detailing how they got into law in the first place and what prompted their choice of specialty.

Please forward your subscription request to: circulation@bbj.hu, or order your copy in the webshop at bbj.hu

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Budapest Business Journal | May 7 – May 20, 2021

Special Report Photo by Who is Danny / Shutterstock.com

Real Estate: Offices

For employees, tennants, landlords, and developers, flexibility will be the watchword as the return to the office gathers pace.

Demand Expected to Remain a Constant in Changing Office Market

12

Pandemic Places Focus on Interior Environment

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New Office Hotspots Develop as old Favorites Fill Up

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GTC Acquires Ericsson and Evosoft Headquarters

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Real Estate News in Brief

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Budapest Business Journal | May 7 – May 20, 2021

Office Market Talk: Flexibility is Key As the office market faces the potential of changes demanded by the post-COVID environment, Budapest must also deal with challenges over demand and supply, developing expectations from tenants, and the sourcing of plots in emerging districts of the city. Budapest Business Journal real estate editor Gary Morrell has asked local office market professionals how they see the post-pandemic environment and its impact on demand and potential preleases. Will this encourage the undertaking of new office projects, how are office and remote-based working habits seen in the longer term, and what the role of property management and facility management will be in the new environment? Will the role of sustainability accreditation be enhanced, and what are the potential new business districts? GARY J. MORRELL

The office market will recover after the pandemic quite quickly. We have already experienced more activity on the market since the beginning of this year, which we assume will further evolve in the rest of the year and, by 2022, office leasing fundamentals will begin to significantly improve again and achieve pre-pandemic figures.

Nikolett Püschl The volume of preleases has been changing quarter-by-quarter (whether there is a pandemic or not). Just one example: in 2019 in the first quarter (pre-COVID era), the share of preleases was only 4%, but in Q1 2020 (during the COVID crisis) preleases represented 14% of the total take-up. Therefore, we assume that a similar trend is expected in the post-pandemic era, in terms of demand and potential preleases. There is already a healthy amount of new office supply and I think that the recovered market conditions will further encourage the undertaking of new office projects, but extreme oversupply is not expected. Tenants appear to be settling their office operations and, with the advent of hybrid office use, they will settle into this form of operation in the longer term. However, it is important to highlight that while most emphasis is placed on communal areas, collaborative spaces and meeting rooms, the proportions of office space will not decrease because a denser seating plan will be considered. Nikolett Püschl Leasing and development director Atenor Hungary I think we should be cautious to identify long-term trends that are completely rearranging our industries regarding previous standards. The partial home office

approach will probably stay as a common practice, but the full-time home office is not efficient enough in an emerging economy situation. Personal relationships are important in internal operational processes, personal presence remains an essential element, and it also supports the onboarding of new colleagues, efficiency, and team dynamics. We have had many conversations, both with our existing tenants in connection with lease renewals and with leading experts in our market; lively discussions continue to be held about home office and the internal restructuring of office space. Overall, we find that corporate executives, HR, and internal communications teams are having a hard time maintaining corporate culture and efficiency during the pandemic, and employees perceived the home office situation in the winter in a completely different and much more negative way. At Property Market, we create high-quality products and services with all our projects, each with explicit added value. I believe that even if the market fluctuates and the pace of development changes, there will always be demand for these unique products.

Dr. Mihály Schrancz

We launched the construction of HomeWork in Central Buda last April and have received the building permit for our next Váci út project, Modiano. Tenants are currently evaluating their office needs, but in the long run, flexibility will be the key, rather than offering a permanent home office.

Ibolya Csiernik COVID-19 has solidified some ongoing trends like digitalization, introducing flexibility to the workplace, and the shift towards environmental and social consideration. These factors will influence which building tenants will choose and influence the decision of future investors. Ibolya Csiernik Leasing and marketing manager Codic Hungary In the light of the COVID pandemic, tenants will re-evaluate their office needs and calibrate their requirements accordingly. There will be more emphasis on flexibility and certain technical features, such as fresh air ventilation.

Special Report | 9 The pandemic will definitely have an impact on the undertaking of office development projects, as the value of highquality projects at good locations will increase, while some challenging projects at more inferior locations might have to be delayed. This will result in a healthy market.

Csaba Zeley Regarding working habits, some positions may remain at the home office and some are likely to return to the office. Flexibility is key, as not even the tenants themselves can now be sure as to what type of working habits would benefit their efficiency. We should keep in mind that the office is still the primary scene of work. Although some jobs may be done from home and new functions may arise, offices will remain fundamental. Many employers expect their employees back once the virus threat is over, for the sake of better productivity. Csaba Zeley Managing Director ConvergenCE I am positive that office demand will be there and the volume will not differ significantly from pre-COVID numbers. The difference will be in the use of acquired space and increased flexibility requirements in lease conditions from the tenant side. The tendency of new office developments will slow as only a very limited group of developers will start construction speculatively, i.e. without preleases; nevertheless, it will not affect the increase of new stock in the end. I see the office and non-office working habits changing. More home office days for employees and more social areas within a tenancy for less open space. The past year has proved that companies can maintain their operations with home office solutions, but for innovation and growth, personal collaboration is needed as a much more effective way to encourage new ideas. Continued on page 10 ▶▶▶

At BudaPart, our basic concept, with the 13 office buildings and the hotel, is to become one of the most important business districts of the capital. We are working tirelessly to market BudaPart as seperate from the South Buda sub-market and make it into an independent sub-market in its own right, a new “Buda Business District”, extending to the office buildings in our immediate vicinity. Dr. Mihály Schrancz Managing director Property Market The pandemic has caused much uncertainty and we have seen a more cautious attitude from both the tenant and developer side, but that does not mean that developments have stopped.

SAINT- GOBAIN HUNGARY KFT. RECEPTION AREA ADDRESS: 2085 Pilisvörösvár, Bécsi út 07/5 hrsz. RECEPTION AREA DESIGN & BUILD YEAR: 2020 CREATOR’S ADDRESS: 1023 Budapest, Lajos utca 28-32. 1. em. CONTACT: lagom.hu; hello@lagom.hu

„With more than 350 years of history and a presence in 70 countries today, the Saint-Gobain industrial group places a strong emphasis on continuous innovation to create more comfortable, cost-effective, and sustainable environments around the world. We offer solutions to the grand challenges of energy efficiency and environmental protection. As a member of the Dome Group, we asked Lagom WS Kft. to design and build the customer reception and reception area of the company’s headquarters in Hungary in 2020, a space with elegance and functionality worthy of the world-class standards of our Group.” Mária Szentesi, technical and product development manager

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Special Report

Continued from page 9 ▶▶▶ The office environment has to encourage this collaboration and also keep in mind safety measures.

Mátyás Gereben On the property management and facility management side, more personalized service of tenants is key. Landlords, property/facility managers, and tenants have to establish a community of common interests to reach important goals such as sustainability, well-being, and flexibility. Mátyás Gereben Country manager CPI Hungary Many new office projects have been prepared to a certain extent. Some of them will turn into real projects and some will not. Developers will be more careful and it is anticipated that very few pure speculative projects will be started. At least a 30-40% prelease will be required to get started with a new office building project. But developers are eager to build, so I would not be surprised to see some exceptions.

Valter Kalaus We have already overcome the first hurdle; the market has clarified that offices are needed, they will not go away completely. In the post-pandemic world, companies will need to adapt to

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the new norm, to have a more balanced split between working from home and working from the office. On-site working will prevail, but the home office will be a more substantial part of our life than before COVID. The office environment remains the primary place to work; however, it will have to adapt to the new norms. The internal configuration of offices will have to adapt as well, as people will use the office for partly different purposes than before. But first, employers will have to gain the full confidence of their people and convince them that the office is a safe place to work. Valter Kalaus Managing partner Cresa Hungary The pandemic has forced almost every office market player in Hungary and the world to adapt to the home office, whether it was part of their work

Tibor Massányi culture or not. Now, as business leaders are actively considering how to call colleagues back to the office, these home office experiences have important implications, and this forced work culture of the past year is likely to have a significant impact on shaping the office of the future. As a consequence of the pandemic, we now experience an increased sensitivity towards employees, employee retention, and the work-related needs of young employees, all part of a new approach that will define the office of the future, placing greater emphasis on employee health and a healthy work environment. The financial implications of the office rent and size, combined with the terrible lessons of the past one plus year cannot go unnoticed, either. In my opinion, we are part of an exciting, almost revolutionary moment for office design, where company executives, together with office design professionals, architects,

and workplace consultants can jointly define the office of the future. Sustainability, environmental awareness, and wellbeing have become increasingly important in recent years in office developments. We are no longer just talking about a marketing gimmick or corporate expectation, but more and more about a conscious belief that shapes the office. Tibor Massányi Managing Partner DVM group In the following one to two years we expect occupiers to rationalize their office footprint while construction activity remains, resulting in a decrease in take-up. We anticipate the vacancy rate to further increase from 9%. Despite the occupier activity slowdown, we believe that the desire for people to reconnect will be driving the recovery of the office market. This is an opportunity for occupiers to sign preleases to increase productivity in an office building that enhances human experience value. Occupiers are focusing on establishing a flexible hybrid solution between working from the office and working remotely. Longer-term, we expect the “work anywhere” culture to remain, however the need to connect and collaborate will be the main reason why people chose to come to the office. Face-to-face interaction is a significant element in a company’s culture that offers a competitive advantage in the war for talent. Adopting the right balance will be essential.

Kata Mazsaroff Work and place have been extended and we are redefining the office environment as the best platform to bring people together to collaborate, build relationships, and connect with the company’s business and mission. In workspace design, we expect that maximizing density will be less important. We predict a ratio flip

between designated individual desks and collaboration work settings with the office becoming more of a collaboration hub that places employee experience first. Kata Mazsaroff Leasing Director Horizon Development In terms of the future, I have no doubts that offices will remain vital after the pandemic ends. Offices will remain important especially for collaboration, exchanging ideas, and client meetings. Although new technologies and video conferences are very useful when you work from home, I would expect that many employees will be eager to return to the office.

Noah Steinberg Office premises will probably evolve towards an activity-based working model with a focus on bespoke solutions. More office buildings will provide safety measures aiming to protect workers, including more frequent cleaning and disinfection or temperature screening, etc. We took safety measures very seriously into account in the development of the new headquarters for evosoft-Siemens and the Gizella Loft office building. Our new flagship office project, the Liberty Office Building, complies with the new requirements. Besides a unique facade design and creative interiors, the building is equipped with safety features such as disinfection points, disinfected indoor air, and touchless doors to make sure our tenants will feel safe and entirely comfortable. Being green and sustainable has become a big priority not only for developers but also for tenants and investors. At WING, we have been very much committed to creating sustainable buildings for more than 10 years. Noah Steinberg Chairman and CEO of WING Chairman of the Supervisory Board of ECHO Investment

TERRAPARK C + D

KRISZTINA PLAZA ADDRESS: 2040 Budaörs, Liget utca 3/2. BUILDING YEAR: C Block 2008; D Block 1995-2000 PUBLIC TRANSPORT: Bus 40, 140, 240, 88, 188, 287, Terrapark shuttle bus CONTACT: Tel: +36 20 9848 999, info@terrapark.hu

Terrapark C + D, Hungary’s first office park of Western European quality, currently is home to nearly 100 companies in Budaörs. Thanks to its excellent accessibility and favorable location, it offers high-quality office space in a natural environment. Terrapark offers office solutions at flexible conditions from 15 sqm to as much as 2,000 sqm on one floor.

ADDRESS: 1013 Budapest, Krisztina krt. 39. BUILDING YEAR: 2001 PUBLIC TRANSPORT: Metro: M2 (Déli pályaudvar), Tram: 17, 56, 59, 61, Bus: 21, 39, 102, 139, 140, 142 CONTACT: Tel: +36 30 369 7006, info@krisztinaplaza.hu Krisztina Plaza is located in Central Buda, right adjacent to Déli pályaudvar. Due to its central location, it can easily be reached from the Pest side and from the countryside on motorways M1 and M7. The recently upgraded Krisztina Plaza offers office solutions from 120 sqm to 11,000 sqm, with HQ possibility. Its prime location, newly refurbished common areas, in-house catering facilities and the view of the Buda Castle make Krisztina Plaza a unique venue in which to work.

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Budapest Business Journal | May 7 – May 20, 2021

Demand Expected to Remain a Constant in Changing Office Market The Budapest office market faces potential challenges regarding demand and preleasing, tenant specification, staff requirements, and working habits for the aftermath of the COVID19 crisis. Despite the pandemic and lockdown, developers are in general reporting that their projects are going ahead as a bounce-back in the economy and therefore in the office market is expected. GARY J. MORRELL

Eston International. CBRE estimates that 180,000 sqm is due to be delivered this year, with the remaining 290,000 sqm currently scheduled

for

2022.

Part of the latter volume is likely to shift back, however, as some speculative projects have not secured the required preleases. Cushman & Wakefield expect 157,000 sqm of new supply to be delivered by the end of the year. Total modern office stock in Budapest now stands at approaching four million sqm of class “A” assets according to the Budapest Research Forum (consisting of CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL, and Robertson Hungary). The overall vacancy rate has remained at a constant 9%. “The first quarter statistics continue to reflect the uncertainty and economic slowdown triggered by the COVID19 pandemic. While quarterly demand remained somewhat weaker than in previous years, the gap narrowed as the number of transactions showed recovery,” Green Court Office by CODIC. says the forum. The relatively small pool of Hungarian and regional office developers operating in the Budapest market have generally carried out restrained development policies and oversupply is not predicted. Further, changes in office design and

PM will reflect changes in office use and needs of occupants and leasing. Regarding pipeline, 470,000 sqm of space is under construction, out of which 160,000 sqm could be delivered by the end of the year, according to

Highly Specified

The largest delivery thus far this year is the 22,000 sqm Univerzum by Wing, the built-to-suit (BTS) headquarters of Evosoft Hungary, part of the Siemens Group, in South Buda. The LEED “Gold” complex has been leased on a long-

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ARENA BUSINESS CAMPUS • Aréna Business Campus will provide 72,000 sqm of “A+” category office space on Hungária Boulevard. • The complex will consist of four buildings with an exceptional proportion and significance of green areas.

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Melinda Kovács Development & Leasing Manager +36 1 785 52 08, kovacs@atenor.eu

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term basis. This follows a strategy Wing has developed of the construction of highly specified BTS R&D complexes for tech companies such as the 21,000 sqm Ericsson headquarters. Both buildings have been sold on to investors. Cushman & Wakefield says that 45% of new supply for 2021-2022 is already prelet, with demand for the first quarter of this year dominated by net take-up amounting the 37,000 sqm. Take-up for Q1 was close to the pre-COVID five-year average. Prime headline rents have remained firm but incentive packages are expected to further increase. The largest deal in the first quarter was a 7,000 sqm signing by Huawei at Agora Budapest. The largest prelease was a 1,400 sqm deal at Green Court by Randstad. Immofinanz has signed several lease agreements and extensions amounting to

around

21,000 sqm.

Thus, most of the company’s Budapest office buildings are currently fully leased, according to the regional office owner and developer. “Myhive Haller Gardens was chosen as a headquarters by several new tenants. Most (a pharmaceutical, a food packaging, a vehicle manufacturer, and a development company) chose the office building thanks to the visual design of the completely renovated building and the new myhive services adapted to the needs of the tenants,”

says Viktor Nagy, Immofinanz country manager for operations in Hungary. “We have seen some rising demand in our modern and highly flexible office concept, not only due to our latest renovation but especially for our unique services. It allows existing or new tenants to decide monthly whether they want to increase or decrease the rented office space. In addition, the rental period is more flexible; they can rent a single office or table for only a day or a month,” he explains. “With these solutions, both start-ups and freelancers can find their ideal office, while also getting all the services that only larger companies have been able to enjoy in office buildings so far,” Nagy adds.

More Flexible

In the view of Valter Kalaus, managing director of Cresa Hungary, a more flexible approach will be needed from landlords and tenants, mainly in lease length and leasing terms. “The post-pandemic recovery will take a while and, therefore, in the next few years uncertainty will dominate. Tenants will force shorter lease terms, and we will see fewer preleases from SMEs.” New Work Offices, a provider of flexible office space, now has seven units in Budapest representing 15,000 sqm of space. Hubert Abt, CEO and founder, sees a growing need for flexible office space and the increasing influence of technology in the current environment.

Special Report | 13

Balance Hall atrium by CPI. “Companies will need to adjust to remote work policies and accommodate more flexible work routines that allow workers to choose where they work from,” he says. Skanska argues that it is wrong to write off physical offices from a Central European perspective. “Skanska’s studies have shown that employees miss their offices and that face-to-face relationships with others are extremely important to them. Therefore, offices will remain the primary workplace, although in the future we will certainly spend slightly less time there than before the pandemic,” explains Arkadiusz Rudzki, executive vice president for leasing and sales at the Skanska commercial development business unit in CEE. “Additionally, employees appreciate the physical aspects of the office: workplace

ergonomics, spaces for group meetings, or equipment. Our survey shows that

although

G R E E N E R Y

•

C O M M U N I T Y

•

64%

of office workers in CEE have good conditions for working from home, as many as 50% of the respondents go to the office every day,” Rudzki says Tamás Ádány, business development director at Horizon Development, agrees. “The post-pandemic office environment will encourage not only the undertaking of new office projects but the refurbishment of existing office buildings, as well. How we look at our offices and how we work have changed, and this is going to be reflected in the role of our offices. New projects can drive, and at the same time inspire these changes,” he concludes.

F L E X I B I L I T Y

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Special Report

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Budapest Business Journal | May 7 – May 20, 2021

Pandemic Places Focus on Interior Environment Office interior elements have been integrated by developers and investors into the concept, design, leasing strategy, and Property Management (PM) and Facility Management (FM) of office projects, in reaction to more sophisticated tenant and staff demands and, more recently, due to the COVID-19 virus and expected post-pandemic working patterns. GARY J. MORRELL

Receiving accreditation from independent, third-party sustainability organizations such as BREEAM, LEED, and, increasingly, WELL requires ADVERTISEMENT

meeting a range of demands regarding interiors and COVID-related issues. “In this post-pandemic world, we foresee people working one to two days per week from home, but spending the rest of their working hours in their offices, where the environment is more supportive for healthy (for example, touchless

economic recovery, companies start to expand and hire new employees,” it adds. In the last few years, pre-COVID years, companies and office providers had pushed down the sqm/workstation ratio to gain greater efficiency and better profitability; during the pandemic, this started to be seen to have been a bad practice, according to András Lesták, head of development and design at New Work Offices, the leading CEE serviced offices provider. “Interiors will surely have to adapt to the functional and mechanical changes caused by such a pandemic. Everyone in the planning and fit-out process has to understand that the workspace does not only have to meet the technical needs for work, but also the health and well-being factors of the end-users,” he explains. “The main technical challenge from Booking.com office rendering by DVM. the PM and FM side will be the fresh air supply and the ventilation system. Normally-used filters and units are not features and taking into account able to remove bacteria and viruses, social distancing requirements) and which will not be acceptable postcollaborative (for example, increased COVID, so they will have to find a collaboration and project areas, not proper solution to manage the air in dedicated workstations),” comments the buildings. FM will also have to consultancy JLL. rethink whether a bi-yearly HVAC “So, at the end of the day, we do not system maintenance and filter change expect a significant decrease in office is adequate, or should they go for a demand, especially if, following the seasonal schedule at least?” Lesták says.

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Forced Evolution

The pandemic has thus resulted in the forced evolution of internal organizational structures. “Continuous online communication can indeed be tiring and there are more and more obvious negative impacts on people’s mental health,” comments Tibor Massányi, managing partner at the architectural, interior design, and construction engineering DVM group. “People lose their sense of connectedness if those personal, ad-hoc coffee breaks and small talks are not part of their life. Returning to the office requires the re-definition of corporate culture and the strategy of the office space,” he continues. “There is no universal solution for all, but the office is first the place where people can meet. Communities are the cradle of the development of our societies and innovation. Collaboration spaces, not only for work but also for recreation, will be central areas in post-pandemic offices. Design for uncertainty is what we do now when we design for the future, opting for easily transformable, flexible solutions,” says Massányi. The leading green building certification programs are increasingly integrating health and wellness (indeed, WELL is based upon it) into their certification criteria to address the current public health crisis according to JLL. “They promote sustainable building solutions that involve monitoring

air quality to prevent the spread of infections, support social distancing, and promote non-toxic surface cleaning,” says Balázs Agócs, workplace strategy director at JLL Hungary.

“Interiors will surely have to adapt the functional and mechanical changes caused by such a pandemic. Everyone in the planning and fit-out process has to understand that the workspace does not only have to meet the technical needs for work but also the health and well-being factors of the end-users.”

conscious ratings, previously used only as a marketing ploy, require real awareness on the part of those who use them, regardless of their role in the development cycle: developer, designer, contractor, operator, or user,” adds Massányi.

Core & Shell

As an example of the growing use of interior accreditation systems, Skanska has received WELL “Core & Shell” pre-certification for the first phase of its H2Offices complex, designed by the Danish studio Arrow Architects. The WELL standard, created by the International WELL Building Institute (IWBI), certifies if a building is providing healthful and human-centered features for the people using it. The project is on course to reach “Platinum,” the standard’s highest level, according to Skanska. The firm (and other leading office developers such as Horizon Development and Futureal), is committed to developing projects in line with WELL accreditation in addition to the established LEED and BREEAM systems. “The air quality within the building “Hence, the health and wellness of will be ensured with increased fresh buildings’ occupants will be considered air supply, monitoring, and demandthroughout the design, building, and controlled ventilation. A healthy level operation processes. Open concept of humidity will be maintained in the floor plans that can be used for multiple purposes with plenty of space to allow for rooms, which impedes the spread of viruses and bacteria,” says András social distancing will be crucial to slow Schmidt, environmental manager of the spread of coronavirus,” he explains. “As I see it, the pandemic has made office Skanska’s commercial development business unit in Hungary. building users aware that environmentally

Special Report | 15 “Collaboration spaces, not only for work but also for recreation, will be central areas in postpandemic offices. Design for uncertainty is what we do now when we design for the future, opting for easily transformable, flexible solutions.” “H2Offices is designed to maximize daylight access and minimize glare while LED fixtures provide efficient and high-quality light for building users. The multifunctional garden and the green terraces will support people to relax and recharge during the day. Bicycle storage, changing rooms and showers, as well as a rooftop running track will encourage recreation and a healthy lifestyle,” he explains. “The office complex will promote good hygiene practices, and touchless technologies will play a significant role in increasing user safety when moving around in the building. Future users can be sure that their needs and their physical and mental health were considered during the design of the project,” Schmidt adds.

MAKE A MOVE and Refesh Your Workstyle in Arena Corner! www.arena-corner.hu/en

Névtelen-6 1

2021. 04. 22. 14:07

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Special Report

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New Office Hotspots Develop as old Favorites Fill Up Business districts have become increasingly widespread across Budapest with new office development areas emerging as developers look to source suitably sized, well-located plots with direct transportation links that provide visibility. At the same time, competition for sites is becoming more intense and consequently more expensive. GARY J. MORRELL

Age, a complex at a site close to Árpád híd, and has delivered the 16,000 sqm Balance Hall, part of

the

35,000 sqm

Occupational activity for the first quarter was divided between 51% for the Váci Corridor, 13% for South Buda, 13% for central Pest and 8% for what passes as the Central Business District (CBD) according to the Budapest Research Forum, or BRF, made up of CBRE,

Balance Office Park on Váci út. “Every location is different and a new building has to be adopted into its environment. To achieve this, open dialogue is required with the municipality, urban planners, other developers, and representatives of local inhabitants,” says Mátyás Gereben, county manager at CPI Hungary. Another experienced developer in the Váci Corridor, Skanska, has started the development of the 26,000 sqm first phase of the 65,000 sqm H2Offices, consisting of three interconnected buildings. Codic, meanwhile, is due to complete the 20,000 sqm Green Court office, also on Váci út, at the end of the year and have Modiano, a Liberty office project by Wing. further 13,500 sqm project planned for this ever-popular corridor. South Buda is the other major office Colliers International, Cushman & development of choice. “Although the Wakefield, Eston International, JLL, and number of available plots is constantly Robertson Hungary. decreasing due to new developments in From a development perspective, office the main submarkets, the developers building is being undertaken in urban may still find available plots, even on the locations that are more integrated into Váci Corridor,” argues Péter Würsching, the wider city. CPI is planning New head of office group at JLL Hungary.

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Special Report | 17

Property, professionalism, trust since 2004.

Árpád Center Office Building

Balance Hall by CPI.

Submarket Momentum

“On the other hand, the lack of development land in certain areas may provide momentum for other relatively undiscovered submarkets with good public transport connections. A great example of this is the rising importance of the South Buda area where, following the development of the new [fourth] metro line and tram connection, developers have within a relatively short period started to actively search for plots and construct new office and retail schemes, making it the most vibrant office location besides Váci corridor,” Würsching adds. On the Buda riverfront in South Buda, Wing has completed the 22,000 sqm Univerzum, the headquarters of Evosoft Hungary, part of the Siemens Group. Indeed, South Buda has essentially become the high-tech hub of Budapest. “We believe the South Buda submarket has vast potential to further develop as it holds one of the major public transportation hubs offering quick access not only for the talent commuting from Budapest but also for the talent pool arriving from the agglomeration areas,” comments Kata Mazsaroff, leasing director at Horizon Development. “Furthermore, the proximity to the universities easily links students with businesses, especially within the IT sector, which is one of the main drivers of the Budapest office market. The submarket continues to emerge with a

nearly

200,000 sqm

development pipeline under construction with a vacancy rate currently at 8.6%,” she points out. “Occupiers will seek office buildings in locations that can provide a healthy, good air quality environment with an immediate connection to outdoor spaces. South Buda offers wellconnected, easily accessible plots in a green environment that have excellent development potential when we reimagine the future of workplaces,” Mazsaroff adds. Another south Buda waterside development is BudaPart by Property Market on a 54-hectare site at Kopaszi Gát (Kopasz Dam). The project will include office, retail and

residential aspects in addition to large green and park areas, all based on the concept of a new city quarter.

New Morning on BakerStreet

ZenGarden Office Building

Slightly set back from the river, but still in South Buda, Atenor has received the final building permit for BakerStreet, the 17,000 sqm first phase of which is due to be handed over in 2023. The company has also signed an agreement for the purchase of an 8,000 sqm adjacent plot, on which the 24,500 sqm Phase II will be developed. “Both buildings of BakerStreet are developed to meet the requirements of BREEAM ‘Excellent’ green certification. In addition to [greater] environmental awareness, all these amenities will improve the quality of life for employees and residents in the area,” says Atenor of the development. With plots becoming increasingly scarce, the outer southern boulevard of Budapest has developed into another hub. Wing is due to completing the speculative, 42,000 sqm Liberty office complex in

CityZen Office Building

District

in 2022, while Atenor is developing the phased 85,000 sqm Arena Business Campus. “There are some submarkets which capacity is getting to its end, for example, the CBD, or Central Buda, or the Váci Corridor. Therefore, opening other locations is crucial. Many submarkets still have huge development potential, for example, Central Pest, Non-Central Pest, South Buda, and also North Buda. These places will be in the focus of more developers in the future,” says Nikolett Püschl, leasing and development director at Atenor Hungary. At the western edge of the city in District XI, Futureal is developing the 68,000 sqm Budapest ONE Business Park on a brownfield site at a transport hub at Etele tér adjacent to the Kelenföld railway station and the Metro 4 station. The complex is seen as a new city quarter by the developers. “Accessibility is still one of the main questions raised by prospective tenants when searching for a new office location. The well-known mantra of location, location, location is still prevailing so the availability of good public transport connection is still the focal point both for tenants and developers,” Würsching says.

Kálvin Square Office Building

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· Development

www.convergen-ce.com

DESIGN The spaces we create always carry the client’s corporate DNA, where the brand’s core values are translated into great exteriors, interiors and design solutions. Our design division is a strongly committed, young and dynamic team of architects and engineers who work with the vision of delivering quality spaces to our clientèle in line with their functional requirements, specific organizational and operational needs and brand principles. The design process that we have developed over the last decades has been instrumental in how we approach new assignments from small-scale projects to urban development masterplans. This 4-step method is based on ongoing communication with the client and comprises in-depth multi-angled research, prototypization, photorealistic architectural visualization and precise implementation, ultimately resulting in top quality, inspiring, personalized working, living and commercial spaces.

ARCHITECTURAL VISUALIZATION DVM group’s increasing internal project volume and the international demand for renders, movies, 360° and VR environments both played into our decision to set up a dedicated ArchViz division. To deliver state-of-the-art computer-generated imagery on a new scale, we invested into a new and improved hardware park, while also employing new experts to the team. Architectural visualization offers so much more than just a precise projected future image of a building or interior that is still on the drawing board. From an HR perspective it also helps companies with a smoother transition to their new physical environment and plays an important role in sensitive corporate change management processes. Decision-making routes also speed up by the creation of a common language, a shared platform between the client, the designer, and the construction company.

DESIGN & BUILD Ever since the 1995 foundation of DVM group we have believed in the added value of delivering combined Design & Build services. This single-contract solution represents numerous benefits to our clients including cost and time efficiency, effective communication, smoother processes, reduced internal procurement time, faster delivery, and a more synchronized implementation route to the final product. In a Design & Build project planning and construction go hand in hand, significantly simplifying the process for the client. Implementation is typically carried out in a shorter timeframe. When it comes to the overall associated risk and liabilities of the assignment, DVM group takes full responsibility all the way until the project’s handover.

Engineering Excellence since 1995 GENERAL CONSTRUCTION Our experienced construction team of engineers and the subcontractors that we employ at our project sites – representing all building professions – are the guarantee of your assignment’s success. With a proven track record in constructing both base buildings (office buildings, hotels, banks, industrial halls, sports complexes, diplomatic missions, educational institutions and public buildings) and fit-out projects (offices, high-end retail units, luxury residences, healthcare centers, beauty salons, restaurants, bars and cafés), we are your trusted construction partner. When it comes to architectural style, we have delivered both authentic 19th century restorations and modern, contemporary structures and interiors.

PROJECT MANAGEMENT

INTEGRATED SERVICE PORTFOLIO

From historical monuments to special security classified buildings, and from luxury hotels to office spaces, our project managers are at the heart of coordinating, overseeing and monitoring a diverse project range. Our team of project managers receives technical support from the PMO, the in-house architects, designers, mechanical and electrical engineers, and engineering specialists to ensure delivery of wellcoordinated and cost-effective projects that represent great value for investment. This unique, multidisciplinary, creative approach – through the application of innovative, value-engineered, sustainable solutions – is beneficial for all stakeholders and results in reduced investment costs, improved constructability and better working, educational, commercial or living spaces.

SUSTAINABILITY CONSULTANCY Our consultant team of sustainability experts provides comprehensive consultancy services to our clients during the design and construction phases of environmentally friendly developments and fit-out works. Our main profile is BREEAM, LEED and WELL assessment of buildings and interiors. Developing dynamic building energy simulations, conducting energy efficiency studies, life-cycle assessments and preparing research-based sustainability strategies on building and urban scales are also part of the services delivered by our internationally trained, licensed in-house assessors.

20 | 3

Special Report

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

GTC Acquires Ericsson and Evosoft Headquarters Having purchased the 15,000 sqm Váci Greens D building from Atenor, the regional developer and investor GTC has dipped into the Hungarian office market again with the more than EUR 160 million acquisition of the 21,000 sqm Ericsson headquarters and the newly delivered 20,700 sqm Siemens Evosoft HQ in South Buda.

GARY J. MORRELL

“Those two properties with a combined NOI [net operating income] of EUR 8.9 mln will contribute significantly to our FFO [funds from operation] generation. We aim to finance the acquisition with our own funds combined with bank financing and green bonds issued in late 2020 and early 2021,” he explains.   The sale is part of developer Wing’s strategy of focusing on expanding its business operations, property development, and investment activities in the region, according to the company.

“The acquisition of two unique class ‘A’ office buildings occupied by triple-A tenants is an excellent opportunity to continue GTC’s growth,” GTC says of the deal. “Both buildings have LEED ‘Gold’ green certification. The transaction is in line with GTC’s strategy of refreshing its portfolio with newer, more modern buildings and focusing exposure on office developments in the CEE region as well as fulfilling the policy of investing in projects which comply Long-term Value with eco-friendly standards,” it says. “Wing aims to create world-class “The acquisition of the Ericsson buildings that provide an inspiring headquarters and the Siemens Evosoft environment for its partners while headquarters will complement and further boost our green office portfolio in creating long-term value. The Ericsson CEE,” adds Ariel Ferstman, CFO at GTC. headquarters, completed in 2018, and the

“The transaction of the Ericsson and Evosoft headquarters buildings is in line with our company’s growth strategy over recent years, which aims to become a significant market player in the international real estate market. Therefore, we focus our operation on regional expansion as well as on our property development and investment activities,” Steinberg explains. GTC is an established office developer in its own right in Hungary and across the Central European region. Its current office portfolio in this country includes Duna Tower, Váci Greens D, Center Point I and II, and GTC Metro. The company is also developing the 29,000 sqm Pillar Wing CEO Noah Steinberg that is scheduled for completion in the speaks at the official first quarter of 2022 and will become the Evosoft opening on April 27. headquarters of ExxonMobil. Colliers puts prime Budapest office yields at 5.25% compared to 4.25% in adjacent Evosoft headquarters, handed Prague and 4.7% in Warsaw as Budapest over at the end of 2020 [and officially continues to offer attractive yields for opened on April 27, 2021], are perfect high quality products. examples of this ambition,” says Noah The office sector dominated CEE Steinberg, chairman and CEO of Wing. investment for the first quarter of “Both buildings are environmentally the year, representing 50% of total conscious and LEED ‘Gold’ certified; investment volume. Although the they are among the most innovative logistics and residential sectors office buildings in Hungary and they continue to attract strong investor are new landmarks on the banks of the demand, they are being held back by Danube in Budapest,” he notes. a shortage of supply of products.

The Art Around Us

We pay tribute to a previous function of our ongoing W Budapest hotel project. The beauty of the former Ballet Institute (even in its demolition phase) gave a perfect backdrop to visually emphasize the refined figures and perfect movements of a new generation of ballet dancers, students of the Hungarian Dance University.

DVM P 252×158.indd 2

2021. 05. 05. 11:40

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

Special Report | 21

Category 'A' Office Buildings in Greater Budapest

✓

–

✓

–

✓

Cargill

BAnk BRAnCh/Atm

in-hOuse fACility mAnAGement

suitABle fOR disABled peOple

GReen enviROnment

24-hOuR ReCeptiOn And seCuRity seRviCes

Wellness And spORt seRviCes

RestAuRAnt/CAfé ✓

–

✓

OWneRship (%) hunGARiAn nOn-hunGARiAn

–

CBRE, www.cbre.hu; Hungária Greens Kft. Cushman & (100) ✓ ✓ ✓ ✓ Wakefield, – www. cushmanwakefield.com

✓

–

CBRE, www.cbre.hu, Cushman & Wakefield, www. cushmanwakefield. hu

www.arenabusinesscampus.hu

66,984 71,859

independent pOWeR supply

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm) 15–16 HUF 1000

ARénA Business CAmpus

leAsinG AGent, WeBsite

BiCyCle pARkinG

nO. Of elevAtORs nO. Of pARkinG spACes 32 908

CuRRent mAjOR tenAnts

WAste ReCyClinG

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

500 5

GReen teChnOlOGies

seRviCes

nAtuRAl liGht And AiR ventilAtiOn

nO. Of levels

COmpAny WeBsite

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

RAnk

Ranked by net office space (sqm)

✓

AddRess phOne emAil

1087 Budapest, Hungária körút 30. (1) 785-5208 info@atenor.hu

1112 Budapest, Boldizsár utca 1–3. (1) 266-2181 office@futurealgroup.com

BudApest One

63,359 66,453

500 5

28 894

A A

AGORA BudApest

61,732 71,489

500 5

34 1,217

A A

✓

–

HB Reavis Ingatlan✓ ✓ ✓ ✓ fejlesztési Alap (100) –

tópARk Be my City

55,000 220,000

150 5

81 3,000

A A

✓

–

✓ ✓ ✓ ✓

(100) –

✓ ✓ ✓ ✓

Gladiátor VII. Ingatlan Befektetési Alap (100) –

1097 Budapest, Könyves Kálmán körút 34. (1) 451-4760 sales@wing.hu

www.futurealgroup.com

www.agorabudapest.com

www.topark.hu

liBeRty iROdAház www.libertyirodahaz.hu

38,316 40,361

36,916 40,900

✓ ✓ ✓ ✓

A A

1,200 5

18 682

A A

✓

Cushman & Wakefield Kft., www. cushmanwakefield. com, JLL, www.jll.com

16 580

14 4

ExxonMobil, Honeywell, Ecolab

✓

–

✓ ✓ ✓

–

A A

1139 Budapest, Váci út 81. (1) 412-3680 leasing@gtc.hu

✓

–

✓ ✓ ✓

–

– CPI Property Group (100)

1138 Budapest, Dunavirág utca 2–6. (1) 225-6600 hungary@cpipg.com

CenteR pOint www.gtc.hu 6

GAteWAy OffiCe pARk

35,900 50,800

250 5

4+3+3 425

12.50–14.50 HUF 1290

Samsung, Magyar Posta, Atmedia, KRKA, Mortoff, Opten, Ranstad, Techwave, La Vida Event, Orbico, AmRest, Sonova, Prémium Pénztárak, CPI Hungary

33,015 37,300

500 5

12 576

A A

Henkel

✓

–

✓

32,000 38,000

200 5

18 640

14.50–15.50 HUF 1650

Albemarle, Ferrero

✓

–

✓

31,200 38,669

Underground+8

221 5

25 733

13–17 HUF 1300

✓

JLL, www.jll.hu, Robertson, www.robertson.hu

– –

14 443

A A

✓

–

✓ ✓ ✓

www.gatewaybc.hu, www.cpipgroup.hu 7

millennium GARdens www.millenniumgardens.hu

CApitAl squARe

www.caimmo.com, www.capitalsquare.hu

CBRE, www.cbre.hu, Colliers International, www.colliers.hu Cushman & Wakefield Kft., www. cushmanwakefield.hu

✓

–

✓ ✓

✓ ✓ ✓

–

– Revetas Capital (100) – CA IMMO (100)

myhive átRium pARk

www.myhive-offices.com/hu 10

✓ ✓ ✓ ✓

– Immofinanz AG (100)

spiRAl

mill pARk

30,315 50,026

350 5

16 541

A A

✓

–

✓ ✓ ✓ ✓

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

BAnk CenteR

30,041 52,184

250 5

17 475

21 HUF 1595

AFFIDEA, BÉT, BorsodChem, MKIK

✓

–

✓

Avestus Real Estate Hungary Kft.

✓ ✓ ✓ ✓

– (100)

euROpe tOWeR

30,000 38,000

A A

Erste Bank Hungary Zrt.

–

29,800 31,500

152 5

10 436

✓

–

✓

Cushman & Wakefield Kft., www. cushmanwakefield.hu

www.mfbingatlan.hu

www.millpark.hu

www.bankcenter.hu

–

30,548 A

dunA tOWeR 15

www.dunatower.hu

1138 Budapest, Váci út 116-118. (1) 238-0359 info@agorabudapest.com 2051 Biatorbágy, Sasbérc út 1. (1) 382-7560, (70) 370-6666 meszarosg@topark.hu

16.50–17.50 IBM, Huawei, Metlife, 4 TMF Group, Lofis

–

A A

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

✓ ✓ ✓

–

A A

1095 Budapest, Lechner Ödön fasor 10/B (1) 456-6200 leasing@trigranit.com 1133 Budapest, Váci út 76. (1) 501-2800 office@caimmo.hu 1134 Budapest, Váci út 45. (1) 236-0435 mail@immofinanz.com 1134 Budapest, Dózsa György út 128-130. (1) 600-6560 info@mfbingatlan.hu 1095 Budapest, Soroksári út 44. (1) 920-2193 erstealapkezelo@ erstealapkezelo.hu 1054 Budapest, Szabadság tér 7. (1) 302-9010 anett.eles@bankcenter.hu 1138 Budapest, Népfürdő utca 24–26. (1) 920-2161 erstealapkezelo@ erstealapkezelo.hu 1138 Budapest, Népfürdő utca 22. (1) 412-3680 leasing@gtc.hu

Special Report AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

RestAuRAnt/CAfé

Wellness And spORt seRviCes

24-hOuR ReCeptiOn And seCuRity seRviCes

GReen enviROnment

suitABle fOR disABled peOple

in-hOuse fACility mAnAGement

BAnk BRAnCh/Atm

✓

–

✓

–

250 5

8 232

A A

✓

–

✓

28,520 34,217

Underground+7

48–301 5

15 818

14.50–17 HUF 1300

–

✓

JLL, www.jll. hu, Cushman & Wakefield Kft., www. cushmanwakefield.hu

28,065 43,000

12 399

A A

–

✓

✓ ✓ ✓

–

A A

8 554

A A

✓

–

✓

✓ ✓ ✓

–

A A

350 5

11 507

NAK, Multisoft, In14.50–15.95 nobyte, MindentMent, ✓ 3.300 MC-Bauchemie

–

✓

–

✓ ✓ ✓

–

Infogroup (100) –

26,500 30,100

280 3

15 841

13.50–15.50 1,900 HUF

✓ ✓ ✓

–

– CA IMMO (100)

26,309 29,043

84 5

16 385

ROOsevelt

29,000

www.roosevelt-budapest.com

myhive hAlleR GARdens www.myhive-offices.com/hu 18

West end Business CenteR

www.westendbusinesscenter.hu

pARkWAy –

27,600 31,200

BARtók udvAR ii.

27,000

www.bartokudvar.hu

ip West

www.caimmo.com, www.ipwest.hu

independent pOWeR supply

nO. Of elevAtORs nO. Of pARkinG spACes

A A

BiCyCle pARkinG

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

14 488

leAsinG AGent, WeBsite

WAste ReCyClinG

nO. Of levels

500 5

CORvin innOvAtiOn CAmpus

seRviCes

nAtuRAl liGht And AiR ventilAtiOn

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

GReen teChnOlOGies

29,581 31,833

COmpAny WeBsite

www.futurealgroup.com

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

CuRRent mAjOR tenAnts

RAnk

22 | 3

OWneRship (%) hunGARiAn nOn-hunGARiAn

✓ ✓ ✓

–

A A

Cushman & Wakefield Kft., ✓ ✓ ✓ www. cushmanwakefield.com

–

A A

–

✓ ✓ ✓ ✓

– IMMOFINANZ AG (100)

Transcom

✓

–

✓

–

CA IMMO

ExxonMobil

✓

–

✓

–

✓ ✓ ✓ ✓

A A

CBRE, www.cbre.hu

✓ ✓ ✓ ✓

– Woodpecker Acquisitions (100)

AddRess phOne emAil

1083 Budapest, Szigony utca 26-30. (1) 266-2181 office@futurealgroup.com 1051 Budapest, Széchenyi István tér 7–8. (1) 473-1209 tamara.szanto@ eur.cushwake.com 1095 Budapest, Soroksári út 30–34. (1) 236-0435 mail@immofinanz.com 1132 Budapest, Váci út 20–26. (1) 451-4760 office@mompark.hu 1087 Budapest, Könyves Kálmán körút 54–58. (1) 327-2050 – 1115 Budapest, Bartók Béla út 105-113. (1) 481-4530 info@infogroup.hu 1117 Budapest, Budafoki út 91–93. (1) 501-2800 office@caimmo.hu

pillAR

www.pillar.gtc.hu 23

sCienCe pARk

26,102 29,498

490 5

10 388

A A

✓

–

✓

–

népliGet CenteR

26,000 28,800

250 5

12 478

A A

Keszthelyi Holding, Philips, Studio-Inex, Volánbusz

✓

–

✓

Cushman & Wakefield Kft, ✓ ✓ ✓ www. cushmanwakefield.com

–

– MCAP Global Finance (100)

dOROttyA udvAR www.dorottya.net

25,977 29,073

250 5

8 566

12.50 4.20

Viacom CBS, KUKA Hungária; Shell, Reckitt Benckiser, LeasePlan, Grand Vision

✓

–

✓

Cushman & Wakefield Kft, ✓ ✓ ✓ www. cushmanwakefield.com

–

– (100)

BsR CenteR

25,000

12 360

A A

✓

–

✓

✓ ✓ ✓

–

exChAnGe pAlACe

25,000 50,000

Underground+8

1,000 5

13 1,000

A A

✓

–

✓

✓ ✓ ✓

–

váCi GReens B épület

24,770 25,303

300 5

12 399

A A

✓

–

✓ ✓ ✓ ✓

www.sciencepark.hu

www.nepligetcenter.com

www.bsr.hu

–

www.vacigreens.hu

OTP Ingatlanbefektetési Alap (100) – – Tippin Corporation (A) Optimum (A) OTP Prime Ingatlanbefektetési Alap (100) –

1134 Budapest, Dózsa György út 61–63. (1) 412-3680 leasing@gtc.hu

1117 Budapest, Irinyi József utca 4–20. (1) 374-3040 office.hungary@cbre.com 1097 Budapest, Könyves Kálmán körút 11. – balazs.szecsy@cbre.com 1113 Budapest, Bocskai út 134–146. (1) 888-0395 gabor.kertesz@cbre.com 1138 Budapest, Váci út 135–139. (1) 412-8300 – 1054 Budapest, Szabadság tér 17. (1) 374-3040 richard.vigh@cbre.com 1138 Budapest, Bence utca 1. (1) 336-0900 alapkezelo@ otpingatlanalap.hu

BudApARt CentRAl

www.budapart.hu/hu/irodak

24,257 27,695

500 5

10 637

17.50–19.50 HUF 1700

✓

–

✓

Cushman & Wakefield Kft., www. – cushmanwakefield.com, ✓ ✓ ✓ ✓ ESTON International Kft., www.eston.hu

24,200 47,000

– –

12 370

15–16 HUF 1290

Bank of China, Citi, Vodafone

✓

–

✓

–

✓

–

✓ ✓ ✓

24,000 26,000

300 5

9 407

15.50–16.50 HUF 1850

Tresorit, Continental

✓

–

✓

Cushman & Wakefield Kft., www. cushmanwakefield. hu

✓ ✓ ✓

23,749 27,390

250 5

A A

✓

–

Kopaszi Gát Kft. (100) –

1117 Budapest, Budafoki út (1) 241 0100 sales@budapart.hu

–

– CPI Property Group (100)

1087 Budapest, Hungária körút 40–44. (1) 225-6600 hungary@cpipg.com

–

– CA IMMO (100)

ARenA CORneR

www.arena-corner.hu 31

City GAte

www.caimmo.com, www.citygate.hu

CORvin teChnOlOGy pARk 1-2 www.futurealgroup.com

✓ ✓ ✓ ✓

(100) –

1092 Budapest, Köztelek utca 6. (1) 501-2800 office@caimmo.hu 1082 Budapest, Bókay utca (1) 266-2181 office@futureal.hu, farkas.hajnalka@ otpingatlanalap.hu

www.bbj.hu

✓

BAnk BRAnCh/Atm

in-hOuse fACility mAnAGement

suitABle fOR disABled peOple

GReen enviROnment

24-hOuR ReCeptiOn And seCuRity seRviCes

Wellness And spORt seRviCes –

–

independent pOWeR supply

NN, Sanofi, Adecco, Bonduelle, Intrum Justitia, Mazars

✓

BiCyCle pARkinG

WAste ReCyClinG

A A

leAsinG AGent, WeBsite

nAtuRAl liGht And AiR ventilAtiOn

18 340

CuRRent mAjOR tenAnts

Special Report | 23 GReen teChnOlOGies

seRviCes

RestAuRAnt/CAfé

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs) A

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

www.promenadegardens.hu

23,311

nO. Of elevAtORs nO. Of pARkinG spACes

pROmenAde GARdens 34

nO. Of levels

COmpAny WeBsite

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

RAnk

Budapest Business Journal | May 7 – May 20, 2021

✓

✓ ✓ ✓ ✓

✓

CBRE, www.cbre.hu; Cushman & ✓ ✓ ✓ ✓ ✓ Wakefield, www. cushmanwakefield.com

OWneRship (%) hunGARiAn nOn-hunGARiAn

AddRess phOne emAil

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

1133 Budapest, Váci út 80. (1) 920-2193 erstealapkezelo@ erstealapkezelo.hu

(100) –

1139 Budapest, Fiastyúk utca 4–8. (1) 785-5208 info@atenor.hu

– (100)

1068 Budapest, Dózsa György út 84/B (1) 473-1209 leasing@ horizondevelopment.hu

váCi GReens f épület www.vacigreens.hu

23,305 25,053

347 5

12 355

17–18 HUF 1000

500 5

10 399

15 4.10

22,305 24,137

250 5

17 A

A A

✓

–

✓ ✓ ✓

21,586 26,820

1,000 5

8 299

18 4

–

✓

–

✓ ✓ ✓ ✓

17–18 HUF 1067

Kwizda Agro, Rossmann, Bite Bakery

✓

CBRE, www.cbre.hu; Cushman & ✓ ✓ ✓ ✓ ✓ Wakefield, www. cushmanwakefield.com

✓

pARk AtRium

www.parkatrium.hu 36

CORvin tOWeRs

h2OffiCes - i. fázis

www.futurealgroup.com

www.skanska.hu/h2offices/

22,500 42,000

ING, Deloitte

✓

–

✓

Horizon Development

✓ ✓ ✓ ✓

–

(100) –

A A

1082 Budapest, Futó utca 35-45. (1) 266-2181 office@futureal.hu, farkas.hajnalka@ otpingatlanalap.hu 1134 Budapest, Váci út 23-27. (1) 382-9100 property@skanska.hu

váCi GReens e épület www.vacigreens.hu

21,525 23,445

eAst-West Business 40 CenteR www.ersteingatlan.hu

21,500 29,000

300 5

12 323

200 5

7 222

15 HUF 1100

15 1–3

13 398

A A

BudAöRs teRRApARk C+d www.terrapark.hu

21,282

Sberbank, LogMeIn, Cognex, KLM/ AirFrance, Accedo, Magnet Bank, Ikea, Zara Magyarország, Turkish Airlines, BanzaiCloud Trane, Dexon Systems, Hungaro Flotta, Honda, Progast, GoodMills, Homlok Építőipar, Edco, Apave Magyarország, Partner in Petfood, Globalbrands CEE, Flaga, S&T, Groupe SEB, Ricoh

✓

–

✓

Cushman & Wakefield Kft., www. cushmanwakefield. hu, ESTON International Zrt., www.eston.hu

✓

Terrapark Kft., www.terrapark.hu

váCi CORneR OffiCes

21,047 33,000

200 5

9 363

A A

✓

–

✓

–

AlkOtás pOint

20,539 25,100

260 5

9 395

A A

Bayer, Euronet, Medicover, NuSkin, Signal, Eclipse, Hold Alapkezelő

✓

–

✓

In-Management Kft.

White hOuse

20,404 21,574

– 5

14 299

A A

✓

–

✓

–

CBRE

visiOn tOWeRs

20,312 25,178

– –

A A

RiveR estAtes

20,245 30,141

700 5

11 357

A A

✓

OffiCe GARden iv

19,663 21,200

700 5

A A

✓

–

✓

–

hillside OffiCes

19,656 21,923

12 388

A A

Fundamenta Lakáskassza, Hewlett-Packard, Concorde Értékpapír, Erste Bank, Waberer Medical Center

✓

–

✓

nORdiC liGht

19,629 19,668

12 404

A A

✓

–

✓

www.vacicorneroffices.hu

www.alkotaspoint.hu

www.whitehousebudapest.hu

–

www.simmoag.hu

www.officegarden.hu

www.hillsideoffices.hu

–

400 A

(100) –

1138 Budapest, Váci út 129–133. (1) 785-5208 info@atenor.hu

–

Erste Ingatlan Kft. (100) –

1088 Budapest, Rákóczi út 1–3. (1) 268-4300 info@ersteingatlan.hu

✓ ✓ ✓ ✓

– Terrafinanz GmbH (100)

2040 Budaörs, Liget utca 3/2. (23) 423-323 info@terrapark.hu

–

Váci Corner Offices Kft. (100) –

✓ ✓ ✓

✓ ✓ ✓ ✓

Torony Ingatlan Befektetési Alap (100) –

1138 Budapest, Váci út 144–150. (1) 580-2280 info@vacicorneroffices.hu 1123 Budapest, Alkotás utca 50. (1) 920-2060 sales@inmanagement.hu 1134 Budapest, Váci út 47. (1) 374-3040 – 1134 Budapest, Váci út 29–31. (1) 920-2161 erstealapkezelo@ erstealapkezelo.hu 1134 Budapest, Váci út 35. (1) 429-5050 office@simmoag.hu 1117 Budapest, Alíz utca 3. (1) 327-2050 office@robertson.hu

✓ ✓ ✓

–

A A

–

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

–

✓ ✓ ✓ ✓

– S IMMO AG (100)

✓

–

✓ ✓ ✓ ✓

(100) –

✓

W-Facility Kft.

✓ ✓ ✓ ✓

A A

1123 Budapest, Alkotás utca 55–61. (70) 451-2589 szajlai.ipacs.andrea@ wfacility.hu

✓

–

✓ ✓ ✓ ✓

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

1133 Budapest, Váci út 96–98. (1) 920-2161 erstealapkezelo@ erstealapkezelo.hu

–

✓

–

Eston Zrt.

– –

6–9 301

A A

✓

–

✓

–

614 5

5 247

A A

✓

–

✓

–

✓

–

Robertson Hungary, www.robertson.hu

18,700 19,000

250 3

9 450

12.50–13.50 HUF 1750

✓

–

Cushman & Wakefield Kft., www. cushmanwakefield. hu

váCi GReens C épület www.vacigreens.hu

18,920 20,035

ResidenCe 1-2

18,770

R70 OffiCe COmplex www.r70.hu, www.caimmo.com

BAnk BRAnCh/Atm

in-hOuse fACility mAnAGement

suitABle fOR disABled peOple

GReen enviROnment

24-hOuR ReCeptiOn And seCuRity seRviCes

Wellness And spORt seRviCes

RestAuRAnt/CAfé

independent pOWeR supply

✓

leAsinG AGent, WeBsite

BiCyCle pARkinG

CuRRent mAjOR tenAnts

WAste ReCyClinG

A A

seRviCes

nAtuRAl liGht And AiR ventilAtiOn

4 169

18,920 19,981

www.robertson.hu

GReen teChnOlOGies

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

www.erstealapkezelo.hu

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

nO. Of elevAtORs nO. Of pARkinG spACes

AdvAnCe tOWeR i-ii 50

nO. Of levels

COmpAny WeBsite

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

Special Report net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

RAnk

24 | 3

OWneRship (%) hunGARiAn nOn-hunGARiAn

Erste Nyíltvégű Euró Ingatlan Befektetési ✓ ✓ ✓ ✓ Alap (100) – ✓ ✓ ✓ ✓

– ZFP Realitní Fond (100)

–

– LFPI Group (100)

✓ ✓ ✓

–

– CA IMMO (100)

✓ ✓

mOm pARk iROdák

18,629 48,000

230 5

13 486

A A

✓

✓ ✓ ✓ ✓

A A

OffiCe GARden ii

18,600 27,000

A A

6 310

A A

✓

–

✓

–

✓

–

✓ ✓ ✓ ✓

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

eiffel téR iROdAház www.eiffelter.hu

18,500 23,500

250 5

10 365

A A

✓

✓ ✓ ✓ ✓

A A

infOpARk d épület

18,500

195 5

A A

✓

–

✓

–

✓ ✓ ✓

BudAöRs OffiCe pARk

18,000 22,000

3–8–8

A A

6 410

A A

✓

–

✓

18,000 21,000

– 5

8 250

14.50–16

✓

Cushman & Wakefield Kft., www. cushmanwakefield. hu

✓ ✓ ✓

www.momparkoffice.hu

–

www.wing.hu

www.budaorsofficepark.hu

millennium tOWeR iii www.millennium-towers.hu, www.caimmo.com

–

AddRess phOne emAil

1134 Budapest, Váci út 43. (1) 920 2161 erstealapkezelo@ erstealapkezelo.hu 1138 Budapest, Bence utca 3. – info@zfpinvest.com 1027 Budapest, Kacsa utca 15–23. (1) 327-2050 office@robertson.hu 1074 Budapest, Rákóczi út 70–72. (1) 501-2800 office@caimmo.hu 1123 Budapest, Alkotás utca 53. (1) 487-5501 office@mompark.hu 1117 Budapest, Alíz utca 2. (1) 920-2161 erstealapkezelo@ erstealapkezelo.hu 1062 Budapest, Teréz körút 55–57. (1) 785-4985 info@celand.hu

–

– (100)

1117 Budapest, Gábor Dénes utca 2. (30) 822-5466 info@wing.hu

✓ ✓

(100) –

2040 Budaörs, Szabadság út 117. (1) 266-9441 info@adventum.hu

–

– CA IMMO (100)

1095 Budapest, Lechner Ödön fasor 8. (1) 501-2800 office@caimmo.hu

–

BudaPart Auratus Kft. (100) –

1117 Budapest, Buda-part tér 2. (1) 241-0100 sales@budapart.hu

–

– (100)

1036 Budapest, Lajos utca 48–66. (1) 266-9441 info@adventum.hu

1134 Budapest, Dózsa György út 144–148. (1) 266-6000 info.hungary@codic.eu

BudApARt GAte

www.budapartgate.hu

BudA squARe –

17,638 20,092

300 5

9 401

16.50–17.50 HUF 1500

✓

–

✓

Cushman & Wakefield Kft., www. – cushmanwakefield.com, ✓ ✓ ✓ ESTON International Kft., www.eston.hu

17,400 18,400

A A

6 394

A A

✓

–

✓

✓ ✓ ✓

17,250 18,500

1,270 5

9 299

17.25 3.80

✓

–

✓

–

✓ ✓ ✓ ✓

A A

– (100)

GReen COuRt OffiCe www.greencourtoffice.hu

mARGit pAlACe

17,047 19,227

A A

8 254

A A

✓

–

✓

–

✓ ✓ ✓ ✓

teRRApARk next B

17,042 20,323

300 5

6 240

A A

✓

–

✓

–

✓ ✓ ✓

–

– Bluehouse Capital (100)

17,000 30,000

400 3

5 406

14–14.50 HUF 1480

DXC, Novartis

✓

–

✓

–

✓

–

✓ ✓ ✓

–

– CA IMMO (100)

17,000 18,600

367 5

6 300

14.50–16

Nestlé, KLM

✓

–

✓

–

Cushman & Wakefield Kft., www. cushmanwakefield.hu

✓ ✓ ✓

–

– CA IMMO (100)

16,922 18,500

5 427

A A

✓

–

✓

–

✓ ✓ ✓

–

GRT Group (100) –

16,644 17,310

Underground+9

1,093 5

6 254

13.50–14.50 HUF 1300

✓

–

✓

JLL, www.jll. hu

✓ ✓ ✓

–

– IMMOFINANZ AG (100)

www.margitpalace.com

www.terraparknext.com

BARtók ház

www.caimmo.com, www.bartok-haz.hu

millennium tOWeR ii

www.millennium-towers.hu, www.caimmo.com

OffiCe GARden iii www.officegarden.hu

myhive thiRteen | GlOBe www.myhive-offices.com/hu 68

1027 Budapest, Henger utca 2. (1) 266-9441 info@adventum.hu 2040 Budaörs, Edison utca 4. (1) 700-8013 office@ bluehousecapital.com 1114 Budapest, Bartók Béla út 43–47. (1) 501-2800 office@caimmo.hu 1093 Budapest, Lechner Ödön fasor 6. (1) 501-2800 office@caimmo.hu 1117 Budapest, Alíz utca 4. (1) 382-7020 grtgroup@grtgroup.hu

1139 Budapest, Teve utca 1 A-C (1) 236-0435 mail@immofinanz.com

www.bbj.hu

independent pOWeR supply

AddRess phOne emAil

–

Bpart Aspius Kft. (100) –

1117 Budapest, Dombóvári út 26. (1) 241-0100 sales@budapart.hu

–

– (100)

1013 Budapest, Krisztina körút 39. (1) 382-5100 info@krisztinaplaza.hu

✓ ✓ ✓ ✓

(100) –

BiCyCle pARkinG

OWneRship (%) hunGARiAn nOn-hunGARiAn

WAste ReCyClinG

A A

leAsinG AGent, WeBsite

nAtuRAl liGht And AiR ventilAtiOn

BAnk BRAnCh/Atm

13.75–14 4

in-hOuse fACility mAnAGement

4+1 104

suitABle fOR disABled peOple

146 5

GReen enviROnment

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm) 16.50–18.50 HUF 1800

24-hOuR ReCeptiOn And seCuRity seRviCes

nO. Of elevAtORs nO. Of pARkinG spACes 10 411

Wellness And spORt seRviCes

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

500 5

CuRRent mAjOR tenAnts

Special Report | 25 GReen teChnOlOGies

seRviCes

RestAuRAnt/CAfé

nO. Of levels

COmpAny WeBsite

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

RAnk

Budapest Business Journal | May 7 – May 20, 2021

BudApARt City

www.budapartcity.hu 16,582 19,755

✓

–

✓

Cushman & Wakefield Kft., www. – ✓ ✓ ✓ cushmanwakefield.com, Eston International Zrt., www.eston.hu

kRisztinA plAzA

www.krisztinaplaza.hu

16,497 17,742

CORvin One 71

16,352 17,867

250 5

16,300 18,800

245 5

6 254

14.50–16

6 222

www.futurealgroup.com

millennium tOWeR i

www.millennium-towers.hu, www.caimmo.com

dm, MNB, Imperial Dental, MAB, Electron ✓ Holdng

–

✓

–

White Star Real Estate Kft., www. whitestarrealestate. com

✓ ✓ ✓

✓

–

Cognizant, Vodafone

✓

–

✓

Cushman & Wakefield Kft., www. cushmanwakefield.hu

✓ ✓ ✓

–

– CA IMMO (100)

A A

Budapest Bank

✓

–

✓

–

✓ ✓ ✓

–

A A

In-Management Kft.

1082 Budapest, Futó utca 47–53. (1) 266-2181 office@futureal.hu, farkas.hajnalka@ otpingatlanalap.hu 1095 Budapest, Lechner Ödön fasor 6. (1) 501-2800 office@caimmo.com 1138 Budapest, Váci út 193. (1) 412-3697 leasing@gtc.hu 1117 Budapest, Neumann János utca 1/E (1) 920-2060 sales@inmanagement.hu 1117 Budapest, Alíz utca 1. (1) 327-2050 office@robertson.hu 1138 Budapest, Váci út 140. (1) 268-1288 info.budapest@ eur.cushwake.com 1123 Budapest, Nagyenyed utca 8–14. (1) 920-2161 erstealapkezelo@ erstealapkezelo.hu 1138 Budapest, Váci út 117–119. – – 1138 Budapest, Váci út 121–127. (1) 412-3680 leasing@gtc.hu

GtC metRO

16,182 16,182

infOpARk e épület

16,100 17,300

200 5

6 279

A A

Lufthansa Systems, EIT, National Instruments, 3M

✓

–

✓

OffiCe GARden i

16,022 26,000

346 5

6 320

A A

✓

–

✓

–

✓

–

Robertson Hungary Kft., ✓ ✓ ✓ www.robertson.hu

–

– LFPI group (100)

Business CenteR 140

16,000 23,800

Underground+8

297 3

6 241

12.50–13.50 2.90

✓

–

✓

–

Cushman & Wakefield Kft., ✓ www. cushmanwakefield.com

–

AIAS Kft. (A) DWS Grundbesitz GmbH (A)

www.ersteingatlanalap.hu/hu/ erste-ingatlan-alap/irodahazaink/ krisztina-palace

15,745 18,000

Underground+5

346 5

7 399

A A

✓

–

✓

–

Cushman & Wakefield Kft., www. cushmanwakefield.hu

✓ ✓ ✓ ✓

Erste Nyíltvégű Ingatlan Befektetési Alap (100) –

váCi GReens A épület

15,693 24,803

Underground+6

533 5

8 269

A A

✓

–

✓

–

✓ ✓ ✓ ✓

VG 117 Ingatlankezelő Kft. (100) –

váCi GReens d épület

15,635 17,721

300 5

8 260

A A

Ford, Unilever

✓

–

✓ ✓ ✓ ✓

A A

15,610 16,576

500 5

8 284

16-18 HUF 1000

✓

–

✓

–

CBRE, www.cbre.hu; Colliers, www.colliers.hu

✓ ✓ ✓ ✓

Szerémi Greens Kft. (100) –

1117 Budapest, Hengermalom út 18-20. (1) 785-5208 info@atenor.hu

15,500 18,300

– 5

6 252

A A

Avis Budget Group, MSCI, Deichmann, Isys-On, ABRS Holding

✓

–

✓

In-Management Kft.

–

Torony Ingatlan Befektetési Alap (100) –

1134 Budapest, Kassák Lajos utca 19. (1) 920-2060 sales@inmanagement.hu

Bécsi Greens Kft. (100) –

1034 Budapest, Bécsi út 68. (1) 785-5208 info@atenor.hu

www.gtc.hu

www.diofaalapkezelo.hu

www.robertson.hu

www.cushmanwakefield.hu

kRisztinA pAlACe 77

www.vacigreens.hu

www.gtc.hu

✓ ✓ ✓ ✓

–

✓

Magyar Posta Takarék Ingatlan Befektetési Alap (100) –

BAkeRstReet

www.atenor.eu/en/projects/ bakery-3/ 80

GReen hOuse

www.diofaalapkezelo.hu

✓ ✓ ✓

ROseville

www.roseville.hu 14,521 15,538

20 HUF 1000

✓

–

✓

Cushman & Wakefield, www. ✓ ✓ ✓ ✓ ✓ cushmanwakefield.com; ESTON, www.eston.hu

7 236

20–22 4

Apple, PwC, CBRE, British Chamber of Commerce, St. Andrea Restaurant, Wax in the City, Eiffel Bistro, Eiffel Esthetics, Eiffel Conference Center

✓

–

✓

–

✓

–

Horizon Development

✓ ✓ ✓ ✓

– (100)

1055 Budapest, Bajcsy-Zsilinszky út 78. (1) 473-1209 leasing@ horizondevelopment.hu

1,200 5

6 228

A A

✓

–

✓ ✓ ✓ ✓

Gladiátor I. Ingatlan Befektetési Alap (100) –

1134 Budapest, Róbert Károly körút 54–58. (1) 451-4280 –

500 5

7 315

eiffel pAlACe

www.eiffelpalace.hu 83

skyliGht City

www.skylightcity.hu

14,500 32,000

14,459 20,305

Special Report

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

RestAuRAnt/CAfé

Wellness And spORt seRviCes

24-hOuR ReCeptiOn And seCuRity seRviCes

GReen enviROnment

suitABle fOR disABled peOple

in-hOuse fACility mAnAGement

BAnk BRAnCh/Atm

13,900 24,000

287 5

9 215

A A

✓

–

✓

–

✓ ✓ ✓

–

lAuRus iROdAházAk

13,858 27,000

6–7

60 5

8 248

A A

✓

–

✓

–

✓ ✓ ✓

–

infOpARk G épület

13,800 14,666

2,000 5

200

A A

Takarék csoport

✓

–

✓

–

✓ ✓ ✓ ✓

v188

13,637 14,175

7 252

A A

✓

–

✓

–

✓ ✓ ✓ ✓

viGAdó pAlOtA iROdAház

13,605 16,486

A A

4 12

A A

✓

–

✓

–

✓

–

✓ ✓

13,600 15,402

Underground+7

– 5

6 266

16 HUF 1300

✓

–

✓

–

CBRE, www.cbre.hu

250 5

6 375

A A

IBM, ATOS Magyarország Kft., Invitech

✓

–

✓

In-Management Kft.

120 3

6 200

A A

✓

–

✓

–

Underground+6

216 5

6 A

A A

✓

–

✓

13,000 19,800

– –

6 221

14.50–16 HUF 1490

EOS, IFRC,, Swiss Clinic, Trigranit, WHO

✓

–

✓

13,000 14,600

5 230

14–14.5 HUF 1800

Hiventures, Bird&Bird

✓

–

✓

–

12,997 27,500

130 5

6 316

15–16 HUF 1450

ABB, Kofax, RSM, Synergy, Mercarius, Opus, Cielo, Amway

✓

óBudA GAte 97

12,900 13,942

250 5

5 247

A A

LOreal, Regus, NKM

✓

–

✓

–

✓ ✓ ✓

–

12,680 27,000

6 280

A A

✓

–

✓

–

✓ ✓ ✓

–

12,432 13,178

6 176

A A

✓

–

✓

–

✓ ✓ ✓ ✓

www.centraludvar.com

www.laurusoffices.hu

www.diofaalapkezelo.hu

www.v188.hu

www.bif.hu

–

independent pOWeR supply

nO. Of elevAtORs nO. Of pARkinG spACes

CentRál udvAR

BiCyCle pARkinG

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

leAsinG AGent, WeBsite

WAste ReCyClinG

nO. Of levels

CuRRent mAjOR tenAnts

seRviCes

nAtuRAl liGht And AiR ventilAtiOn

COmpAny WeBsite

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

GReen teChnOlOGies

RAnk

26 | 3

✓

OWneRship (%) hunGARiAn nOn-hunGARiAn

1077 Budapest, Wesselényi utca 16. (1) 479-6020 office@addvalgroup.com 1103 Budapest, Erste Ingatlan Kft. Kőér utca 2/A (100) (1) 268-4300 – info@ersteingatlan.hu 1117 Budapest, Magyar Posta Takarék Ingatlan Befek- Magyar tudósok körútja 9. (1) 888-4120, (1) 888-4171 tetési Alap (100) ingatlan@ – diofaalapkezelo.hu 1138 Budapest, A Váci út 188. – A – 1052 Budapest, BIF (100) Türr István utca 6. (1) 332-2200 – info@bif.hu – (100)

myhive GReenpOint 7

www.myhive-offices.com/hu 90

infOpARk A épület www.diofaalapkezelo.hu

13,300 13,700

euROpOlis pARk BudApest AeROzOne

13,000 65,000

infOpARk C épület

13,000

– 92

www.wing.hu

AddRess phOne emAil

✓ ✓ ✓ ✓

– IMMOFINANZ AG (100)

1075 Budapest, Kéthly Anna tér 1. (1) 236-0435 mail@immofinanz.com

✓ ✓ ✓

–

Magyar Posta Takarék Ingatlan Befektetési Alap (100) –

1117 Budapest, Neumann János utca 1. (1) 920-2060 sales@inmanagement.hu

–

✓ ✓ ✓

–

A A

–

✓ ✓ ✓

–

– (100)

✓

–

✓ ✓ ✓

–

– CPI Property Group (100)

1132 Budapest, Váci út 30. (1) 225-6600 hungary@cpipg.com

✓

–

Cushman & Wakefield Kft., www. cushmanwakefield.hu

✓ ✓ ✓

–

– CA IMMO (100)

1027 Budapest, Kapás utca 6–12. (1) 501-2800 office@caimmo.hu

✓

–

CBRE

✓ ✓ ✓

–

– CPI Property Group (100)

1139 Budapest, Váci út 99. (1) 225-6600 hungary@cpipg.com

2220 Vecsés, Lőrinci út 59–61. – – 1117 Budapest, Gábor Dénes utca 4. (1) 451-4280 info@wing.hu

quAdRA

www.quadra.hu 92

víziváROs OffiCe CenteR www.vizivaros.eu, www.caimmo.com

BAlAnCe hAll

www.balancehall.hu

www.obudagate.hu

BudAWest iROdAház www.budawest.net

Magyar Posta 1023 Budapest, Takarék Real Estate Árpád fejedelem útja 26–28. Investment Fund (1) 888-4120, (1) 888-4171 (100) ingatlan@ – diofaalapkezelo.hu 1118 Budapest, (100) Rétköz utca 5. – (1) 309-0909 info@budawest.net

mOdiAnO

www.codic.eu 99

A A

100

mAdáCh tRAde CenteR

12,000 14,500

7–9–12

28 1

4 240

A A

✓

–

✓

–

✓

–

✓ ✓ ✓

–

– (100)

101

flóRián udvAR iROdAház

11,952 28,500

16 1

6 240

A A

✓

–

✓

–

✓ ✓ ✓

–

(100) –

102

v17

11,840 18,000

170 5

6 209

A A

E.ON

✓

–

✓

In-Management Kft.

✓ ✓ ✓

–

Torony Ingatlan Befektetési Alap (100) –

11,700 13,500

308 5

5 142

22–25 5.40

✓

–

✓

–

✓

–

Rakpart 3 Ingatlanhasznosító Kft. (A) DWS Grundbesitz GmbH (A)

www.madachtrade.hu

www.bif.hu

www.v17.hu

AkAdémiA Business

103 CenteR www.cushmanwakefield.hu

Cushman & Wakefield Kft., ✓ www. cushmanwakefield.com

–

✓

1132 Budapest, Váci út 48. (1) 266-6000 info.hungary@codic.eu

1075 Budapest, Madách Imre út 13–14. (1) 268-1900 info@madachtrade.hu 1033 Budapest, Polgár utca 8–10. (1) 332-2200 info@bif.hu 1134 Budapest, Váci út 17. (1) 920-2060 sales@inmanagement.hu 1054 Budapest, Akadémia utca 6. (1) 268-1288 info.budapest@ eur.cushwake.com

www.bbj.hu

24-hOuR ReCeptiOn And seCuRity seRviCes

GReen enviROnment

suitABle fOR disABled peOple

in-hOuse fACility mAnAGement

BAnk BRAnCh/Atm

– –

6 469

17 4.19

✓

–

✓

–

✓

Cushman & Wakefield Kft., www. cushmanwakefield.hu

11,474 12,338

– 5

6 144

A A

Café Frei, Doktor24, FrieslandCampina, Invitel, OTIS, SPAR

✓

–

✓

–

ConvergenCE, www. convergen-ce.com

–

✓ ✓

independent pOWeR supply

Wellness And spORt seRviCes

BiCyCle pARkinG

RestAuRAnt/CAfé

11,700 13,500

leAsinG AGent, WeBsite

WAste ReCyClinG

CuRRent mAjOR tenAnts

seRviCes

nAtuRAl liGht And AiR ventilAtiOn

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

www.cushmanwakefield.hu

nO. Of elevAtORs nO. Of pARkinG spACes

mOm pARk tOWeRs

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

103

nO. Of levels

COmpAny WeBsite

Special Report | 27 GReen teChnOlOGies

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

RAnk

Budapest Business Journal | May 7 – May 20, 2021

–

OWneRship (%) hunGARiAn nOn-hunGARiAn

AddRess phOne emAil

Mom Park Torony Kft. (A) DWS Grundbesitz GmbH (A)

1123 Budapest, Csörsz utca 45. (1) 268-1288 info.budapest@ eur.cushwake.com

– KGAL (100)

1134 Budapest, Váci út 37. (1) 225-0912 office@convergen-ce.com

Cityzen OffiCes

www.cityzenirodahaz.hu 105

106

studium iROdAház

10,676 36,000

249 5

A A

–

107

szeRémi iROdAház

10,545 14,000

240 3

11 206

13 3.60

MBtech Hungary Mérnöki és Tanácsadó Kft., Invenshure Hungary Kft.

✓

–

✓

–

Eston Zrt., www.eston.hu

108

nORdiC liGht tRiO

10,300 24,870

A A

✓

–

✓

10,000 12,300

K&H

✓

–

✓

www.eston.hu

www.wing.hu

www.skanska.hu

millennium tOWeR "h"

109 épület www.millennium-towers.hu, www.caimmo.com

RiveRpARk iROdák

110 ww.riverpark.hu, www.gamma-am.hu

9,965 A

1093 Budapest, Czuczor utca 2–10. (1) 877 1000 info@eston.hu

✓ ✓ ✓

–

WING Zrt. (100) –

1114 Budapest, Szerémi út 4. (1) 451-4760 info@wing.hu

1133 Budapest, Véső utca 7. (1) 382-9100 property@skanska.hu Cushman & 1095 Budapest, – Wakefield Kft., Lechner Ödön fasor 9. ✓ ✓ ✓ ✓ – (1) 501-2800 CA IMMO (100) www. office@caimmo.hu cushmanwakefield.hu 1093 Budapest, – GAMMA Properties Kft., Közraktár utca 30–32. – ✓ ✓ ✓ ✓ (1) 382-7560 (100) gamma-am.hu office@gamma-am.hu Cushman & 1056 Budapest, Váci utca Center Kft. Wakefield Kft., Váci utca 81. (100) ✓ ✓ ✓ ✓ – (1) 411-0442 www. – vaciutca@vaciutcacenter.hu cushmanwakefield.com 1122 Budapest, (100) Krisztina körút 6. – – ✓ ✓ ✓ ✓ (1) 792-2611 – – 1134 Budapest, A Robertson Hungary, Dévai utca 26–28. – ✓ ✓ ✓ – (1) 327-2050 A www.robertson.hu office@robertson.hu 1138 Budapest, – Váci út 182. – – ✓ ✓ ✓ ✓ (1) 429-5050 S IMMO AG (100) office@simmoag.hu

6 247

14.50–16.50

80 5

4 133

14.50–14.9 3,9

✓

–

✓

302 3

6 166

12.50–13.5 HUF 1450

✓

–

✓

–

✓

5+2 179

A A

✓

–

✓

3 145

A A

–

✓

–

✓

400 5

5 185

A A

✓

–

✓

9 170

Brendon, Euler Hermes, Starschema, 13.50–14.50 Interticket, Advisesoft. ✓ HUF 1490 AMEX, Mall.hu, BPION, Carrier, Trenkwalder

✓

KDB Bank, Agrárvállalkozási Hitelgarancia ✓ Alapítvány, KLIK

–

✓

–

✓

–

✓ ✓ ✓ ✓

✓ ✓ ✓

112

BudA pAlOtA

9,852 15,000

Underground+8

113

dévAi iROdAház

9,665 11,700

114

Blue CuBe

9,469 15,290

www.simmoag.hu

(100) –

221

9,905 10,400

www.robertson.hu

váCi utCA CenteR

http://optimabudapest.hu

111

www.vaciutcacenter.hu

✓ ✓ ✓ ✓

5 A

–

✓ ✓ ✓

–

A A

–

✓ ✓ ✓

–

– CPI Property Group (100)

BAlAnCe BuildinG

www.balancebuilding.hu 9,400 14,450

115

– 5

116

AtRinOvA

9,240 14,824

236 5

3+1 107

14.50–15 5.39

117

teRRApARk next A

9,174 9,907

100 3

4 100

A A

–

✓

–

✓

–

118

City CenteR

8,956 11,686

100 5

4 100

16–18 4.20

Tumlare, AFP, Itochu, Jetro, Sopron Bank, Belgian Embassy Walloon Region, Samsonite, Reed

✓

S IMMO APM Hungary Kft.

8,900 10,351

Underground+4

– 5

8 260

11.50–12.50 HUF 1300

✓

–

✓

–

✓

ConvergenCE, www.convergence. com

✓ ✓ ✓ ✓

✓

–

✓

ConvergenCE, www.convergence. com

✓ ✓ ✓

www.atrinova.hu

www.terraparknext.com

www.simmoag.hu

www.immofinanz.com

8,850 9,382

– 5

4 115

A A

AEGON Asset Management, Alpiq Csepel, Alpiq Energy, California Café, DBK, GEOX, OTP, Philip Morris, Safeguard, Wolf Theiss Faludi Erős

8,793 9,538

– 5

4 170

A A

Adria Port, GLP, HumanField, KEF, MadiLancos Studio, SPAR

kálvin squARe

www.kalvinsquare.hu 120

1054 Budapest, Bajcsy-Zsilinszky út 42–46. – (1) 382-5100 info@ whitestar-realestate.com 2040 Budaörs, Puskás Tivadar út 4. (1) 700-8013 office@bluehousecapital. com

–

– Bluehouse Capital (100)

✓ ✓ ✓ ✓

– S IMMO AG (100)

1051 Budapest, Bajcsy-Zsilinszky út 12. (1) 429-5050 office@simmoag.hu

–

– IMMOFINANZ AG (100)

1037 Budapest, Szépvölgyi út 35–37. (1) 236-0435 mail@immofinanz.com

– KGAL (100)

1085 Budapest, Kálvin tér 12. (1) 225-0912 office@convergen-ce.com

CBC Ingatlanfejlesztő Kft. (100) –

1027 Budapest, Horvát utca 12-24. (1) 225-0912 office@convergen-ce.com

szépvölGyi Business pARk 119

– (100)

1139 Budapest, Váci út 99. (1) 225-6600 hungary@cpipg.com

✓ ✓ ✓

zenGARden

www.zengardenoffices.hu 121

–

Special Report

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

COmpAny WeBsite

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

nO. Of levels

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

nO. Of elevAtORs nO. Of pARkinG spACes

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

CuRRent mAjOR tenAnts

RestAuRAnt/CAfé

Wellness And spORt seRviCes

24-hOuR ReCeptiOn And seCuRity seRviCes

GReen enviROnment

suitABle fOR disABled peOple

in-hOuse fACility mAnAGement

BAnk BRAnCh/Atm

nAtuRAl liGht And AiR ventilAtiOn

WAste ReCyClinG

BiCyCle pARkinG

independent pOWeR supply

GReen teChnOlOGies

RAnk

28 | 3

122

mOmentum OffiCes

8,707 11,000

400 5

4 142

A A

–

✓

–

✓

–

✓

–

Csörsz utca Ingatlanfejlesztő Kft. (100) –

123

Westend OffiCes www.westendiroda.hu

8,566 16,600

667 5

6 160

A A

✓

Eston Zrt., www.eston.hu

✓

–

✓

–

Gránit Pólus Management (100) –

124

infOpARk B épület

8,500

Underground+6

500 5

A A

✓

–

✓

–

✓ ✓ ✓

–

– (100)

246 5

6 349

11–11.50 HUF 1300

–

✓

–

Robertson Hungary Kft., www.robertson.hu, ✓ ✓ ✓ CBRE, www.cbre.hu

–

– IMMOFINANZ AG (100)

5 56

A A

✓

–

✓

–

✓

–

Vass Szilvia, Y.B.L. Lindner Kft., www.yblpalota.hu

✓ ✓

–

Y.B.L. Lindner Kft. (100) –

–

www.wing.hu

seRviCes

OffiCe CAmpus

www.immofinanz.com

leAsinG AGent, WeBsite

OWneRship (%) hunGARiAn nOn-hunGARiAn

AddRess phOne emAil

1124 Budapest, Csörsz utca 49-51. – – 1062 Budapest, Váci út 1–3. (1) 374-6500 info@granitpolus.hu 1117 Budapest, Infopark sétány 3. (1) 451-4280 info@wing.hu

125

8,330 13,082

yBl pAlOtA iROdAház 126

8,009 12,000

130 3

kinnARps hOuse

7,947 9,018

A A

4 108

A A

✓

–

✓

–

✓ ✓ ✓

–

– Kinnarps I Falköping AB (100)

7,914 8,452

150 5

5 152

16.50–18 HUF 1450

–

✓

–

✓

–

✓ ✓

–

– CPI Property Group (100)

www.yblpalota.hu

127

www.kinnarpshouse.hu

–

1095 Budapest, Gubacsi út 6/B (1) 236-0435 mail@immofinanz.com

1053 Budapest, Károlyi utca 12. (1) 411-0434 yblpalota.titkarsag@ t-online.hu 1133 Budapest, Váci út 92. (1) 237-1251 recepcio@kinnarps.hu

AndRássy pAlACe

www.andrassypalota.hu 128

1061 Budapest, Andrássy út 9. (1) 225-6600 hungary@cpipg.com

BudApARt dOWntOWn www.budapart.hu/hu/irodak

129

7,820 8,600

7,800 25,000

✓

–

✓

Cushman & Wakefield Kft., www. BudaPart Silurus Kft. – cushmanwakefield.com, ✓ ✓ ✓ ✓ (100) ESTON – International Kft., www.eston.hu

Diligent, Signature, StarPark

✓

–

✓

Horizon Development

✓ ✓ ✓ ✓

A A

✓

–

✓

–

✓ ✓ ✓ ✓

500 5

4 177

17.50–19.50 HUF 1700

9 240

23–25

5 126

1117 Budapest, Dombóvári út 25. (1) 241 0100 sales@budapart.hu

szeRvitA squARe BuildinG www.szervita.com 130

131

ü48 iROdAház

7,648 8,145

132

GizellA lOft

www.gizellaloft.hu

7,627 8,167

985 5

2 100

A A

✓

–

✓

Eston Zrt., www.eston.hu

✓ ✓ ✓

–

133

infOpARk i épület

7,500

Underground+6

26 3

A A

✓

–

✓

–

✓ ✓ ✓

–

134

dexAGOn iROdAház

A A

5 151

A A

✓

–

✓

–

✓

–

✓

–

www.appeninnholding.com

www.wing.hu

www.erstealapkezelo.hu

teRRApARk BudAöRs

135 (d5-8, d13 tömBök) www.raiffeisenirodak.hu/ ingatlan/terrapark 136

liGet CenteR

www.ligetcenter.hu

7,300 A

7,288 8,367

7,170 11,200

A A

–

✓

–

✓

–

✓

–

180 5

2 200

4.50–9.50 HUF 400–1100

Agility, Airmax, Bernleier, Bolloré, Fedex, Panalpina, UPS, Szerelvénybolt, Booklog

✓

–

✓

–

✓ ✓ ✓

–

(100) –

1052 Budapest, Szervita tér 8. (1) 473-1209 leasing@ horizondevelopment.hu

1082 Budapest, Üllői út 48. (1) 346-8869 info@appeninnholding.com Gladiátor III Ingatlan 1143 Budapest, Befektetési Alap Gizella út 51-57. (100) (1) 451-4760 – info@wing.hu 1117 Budapest, – Infopark sétány 1. (100) (1) 451-4280 info@wing.hu 1117 Budapest, Fehérvári út 50–52. (100) (1) 920-2161 – erstealapkezelo@ erstealapkezelo.hu 2040 Budaörs, Raiffeisen Ingatlan Puskás Tivadar út 7–11. Alap (100) (1) 477-8490 – irodaberlet@raiffeisen.hu 1068 Budapest, Propwin Kft. (100) Dózsa György út 84/A – (1) 451-4760 sales@wing.hu Appeninn Holding (100) –

AiRpORt City lOGistiC pARk

www.airportcity.hu 137

7,000 48,200

– CPI Property Group (100)

2220 Vecsés, Üllői út 807. (1) 225-6600 hungary@cpipg.com

www.bbj.hu

✓

–

✓

–

✓

–

6,900 8,243

Underground+7

282 5

3 216

13.50–14.50 HUF 1300

✓

–

✓

–

BAnk BRAnCh/Atm

in-hOuse fACility mAnAGement

suitABle fOR disABled peOple

GReen enviROnment

24-hOuR ReCeptiOn And seCuRity seRviCes

Wellness And spORt seRviCes

RestAuRAnt/CAfé

independent pOWeR supply

A A

BiCyCle pARkinG

3+1 130

WAste ReCyClinG

AveRAGe mOnthly Rent On ApRil 1, 2021 (euRO/sqm) AveRAGe mOnthly seRviCe ChARGe On ApRil 1, 2021 (euRO/sqm)

500 5

6,930 7,200

leAsinG AGent, WeBsite

nAtuRAl liGht And AiR ventilAtiOn

nO. Of elevAtORs nO. Of pARkinG spACes

–

minimum leAsABle OffiCe size (sqm) minimum leAse teRms (yeARs)

hunGáRiA CenteR 138

seRviCes

CuRRent mAjOR tenAnts

Special Report | 29 GReen teChnOlOGies

nO. Of levels

COmpAny WeBsite

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

RAnk

Budapest Business Journal | May 7 – May 20, 2021

OWneRship (%) hunGARiAn nOn-hunGARiAn

AddRess phOne emAil

1143 Budapest, Hungária körút 17–19. (1) 236-6400 alapkezelo@ otpingatlanalap.hu 1139 Budapest, Pap Károly utca 4–6. (1) 236-0435 mail@immofinanz.com

✓

–

OTP Ingatlanbefektetési Alap (100) –

✓ ✓ ✓

–

– IMMOFINANZ AG (100)

NEO Property Services Zrt., ✓ ✓ ✓ www. neopropertyservices.hu

–

– (100)

Cushman & Wakefield Kft., ✓ www. cushmanwakefield.com

–

myhive thiRteen | xenteR www.myhive-offices.com/hu 139

JLL, www.jll. hu

1062 Budapest, Aradi utca 6–8. (1) 299-2150 info@ neopropertyservices.hu 1122 Budapest, Maros utca 19–21. (1) 429-5050 office@simmoag.hu 1065 Budapest, Nagymező utca 46–48. (1) 877-1000 info@eston.hu

140

OktOGOn ház

6,811 7,280

160 5

4 329

A A

–

✓

–

141

mAROs BC

6,741 8,891

90 5

4 69

12.50–13.50 4.20

Oktatási Hivatal, Vialto Consulting

–

✓

–

S IMMO APM Hungary Kft.

✓ ✓ ✓

–

– S IMMO AG (100)

6,658 6,802

527 5

A A

Eston, www.eston.hu

(100) –

6,600 9,000

250 5

2 75

10–12 HUF 1460

IQ Soft, Kom Zrt., Mattel, Regus

✓

–

✓

–

✓

–

✓ ✓ ✓

–

– CPI Property Group (100)

1139 Budapest, Váci út 91. (1) 225-6600 hungary@cpipg.com

6,600 7,000

600 1

1 35

A A

–

✓

–

✓

–

✓ ✓ ✓

–

A A

1138 Budapest, Váci út 175. (1) 412-3680 leasing@gtc.hu

6,500 7,325

350 5

2 80

13.50 HUF 1350

Colonnade, BV Technology, Starschema, Megadrive, USN, Magic Tools, Homemedical

✓

–

✓ ✓ ✓

–

– CPI Property Group (100)

1139 Budapest, Váci út 99. (1) 225-6600 hungary@cpipg.com

www.oktogonhaz.hu

www.simmoag.hu

CORneR6

142 Business CenteR www.eston.hu

BC91

wwww.bc91.hu 143

143

v175

www.gtc.hu

BAlAnCe lOft

www.balanceloft.hu 145

1135 Budapest, Szegedi út 35. – – 1027 Budapest, Kapás utca 11–15. – –

146

tWin OffiCe CenteR

6,163 7,212

5+1

A A

4 72

A A

–

✓

–

✓

–

✓ ✓ ✓

–

A A

147

BudA Business CenteR

6,000 6,500

80 3

2 167

A A

–

✓

–

✓

–

✓ ✓ ✓

–

(100) –

5,913 7,944

80 5

2 65

11.50–14 4.20

Radio Factory, Rustler, Rewart, Oase, Emineo, Straumann, Aktuál Bau

–

✓

–

S IMMO APM Hungary Kft.

✓ ✓ ✓

–

– S IMMO AG (100)

1016 Budapest, Hegyalja út 7–13. (1) 429-5050 office@simmoag.hu

5,739 8,119

350 5

2 87

14–16 4.20

Code Cool, Black Swan, Egon Zehnder, Magyar Államkincstár

–

✓

–

✓

–

S IMMO APM Hungary Kft.

✓ ✓ ✓

–

– S IMMO AG (100)

1065 Budapest, Nagymező utca 44. (1) 429-5050 office@simmoag.hu

Cushman & Wakefield, DVM group, H&M, Horizon Development, Mastercard, Ostermann, OTP, Play’n GO

– (100)

1052 Budapest, Deák Ferenc utca 5. (1) 473-1209 leasing@ horizondevelopment.hu

–

BudA CenteR 148

www.simmoag.hu

149

pódium

www.simmoag.hu

váCi 1

www.vaci1.hu 5,700 13,800

www.wing.hu

5,693 5,868

meRkuR pAlOtA

5,609

150

151

máRiássy mOdeRn

152 www.merkurpalota.com, www.gamma-am.hu

AndRássy 100

153 www.andrassy100.hu, www.gamma-am.hu

A A

11 A

A A

338 3

2 149

12 4

130 3

4 23

12.90–13.70

5,390 5,850

87.50 3

3 123

A A

✓

–

✓

–

✓

–

Horizon Development

Trans-sped, Navigator ✓ Informatika Zrt.

–

✓

Eston Zrt, www.eston.hu

IngenieuRinGSterner, Prezi.com, Magyar ✓ Telekom, Apacuka

–

✓

–

✓

–

✓

–

CityReal, www.citireal.hu

✓ ✓ ✓

✓ ✓ ✓ ✓

✓ ✓ ✓

–

WING Zrt. (100) –

GAMMA Properties Kft., ✓ ✓ ✓ gamma-am.hu

–

A A

–

(100) –

153

the quAdRum

5,390 13,704

40 3

2 459

12–15 4

KEF, Secops, Somfy, TRUMPF

✓

–

✓

White Star Real Estate Kft.

✓ ✓ ✓ ✓

Erste Ingatlan Alap (100) –

155

CORvin CORneR

5,384 6,122

250 5

A A

✓

–

✓ ✓ ✓ ✓

(100) –

www.erstealapkezelo.hu

www.futurealgroup.com

1095 Budapest, Máriássy utca 5–7. (1) 451-4760 info@wing.hu 1065 Budapest, Nagymező utca 54–56. (1) 382-7560 office@gamma-am.hu 1062 Budapest, Andrássy út 100. (1) 382 7560 office@gamma-am.hu 2220 Vecsés, Lincoln út 1. (1) 920-2193 erstealapkezelo@ erstealapkezelo.hu 1082 Budapest, Futó utca 31–33. (1) 266-2181 office@futureal.hu, farkas.hajnalka@ otpingatlanalap.hu

Special Report

– 5

3 66

A A

AG MAMAS, Aurum, Billingo, ConvergenCE, DWP, Eurorisk

kRAusz pAlOtA 157

5,007 5,629

920 5

2 A

A A

www.krauszpalota.hu

–

✓

–

✓

eCOdOme

158 www.redwoodholding.hu/ ecodome-irodahaz

5,000 8,500

150 5

3 93

A A

✓

–

✓

–

2 88

A A

✓

–

✓

6 66

A A

–

Canadian embassy

–

RestAuRAnt/CAfé

Wellness And spORt seRviCes

24-hOuR ReCeptiOn And seCuRity seRviCes

GReen enviROnment

suitABle fOR disABled peOple

in-hOuse fACility mAnAGement

BAnk BRAnCh/Atm

✓

–

✓

ConvergenCE, www.convergen-ce. com

✓

–

Lodge & Partners Investment Management LLC

✓

–

✓

–

✓

–

✓

–

A A

✓

–

Robertson Hungary Kft., ✓ ✓ ✓ www.robertson.hu

–

A A

✓

–

– CA IMMO (100)

BüROCenteR West

4,825 6,900

161

CAnAdA squARe

4,800 5,000

280 5

2 51

15–15.50

162

AlphAGOn

4,663 6,407

153 5

3 59

14–15.50 3

–

✓

–

CBRE, www.cbre.hu

163

n97

3,625 4,500

2 81

9 5

Naturaqua, Lima Design

–

✓

–

✓

–

Eston Zrt, www.eston.hu

3,370 3,745

650 5

2 38

22 4

✓

–

✓

–

400 5

2 –

A A

–

✓

–

1 60

A A

–

✓

–

89 3

2 40

A A

✓

–

✓

–

3,125 3,462

250–300 3

2 –

A A

✓

–

✓

3,015 3,500

2 29

A A

–

2,327 2,511

1 47

A A

–

171

2,258 2,600

100 3

– 70

10 HUF 1450

Brother, ITWare, SmartX Solutions, Walter

–

mARkó iROdák 9 172 www.mi9.hu

2,201 2,630

5+2

2,201 5

2 19

A A

–

✓

AndRássy 93 iROdAház

1,801

1 12

A A

–

✓

–

176 1

1 36

A A

Diófa Alapkezelő

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www.alphagon.hu

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– (100)

Robertson Hungary Kft., ✓ ✓ ✓ www.robertson.hu

160

www.caimmo.com

1133 Budapest, Árbóc utca 6. (1) 225-0912 office@convergen-ce.com

–

Árpád Office Building Kft. (100) –

Redwood Holding Kft. (100) –

4,930 7,166

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www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

net OffiCe spACe (sqm) tOtAl GROss BuildinG AReA (sqm)

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30 | 3

✓ ✓ ✓

✓ ✓ ✓ ✓

Alphagon Ingatlanfejlesztő Kft. (100) –

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(100) –

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(100) –

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–

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Budapest, Andrássy út 12. – krauszpalota@ lodge-im.com 1016 Budapest, Mészáros utca 13. – office@redwoodholding.hu 1012 Budapest, Vérmező út 4. (1) 327-2050 office@robertson.hu 1111 Budapest, Nagyszőlős utca 11–15. (1) 327-2050 office@robertson.hu 1027 Budapest, Ganz utca 16. (1) 501-2800 office@caimmo.hu 1117 Budapest, Dombóvári út 9. (1) 374-3040 office.hungary@cbre.com 1124 Budapest, Németvölgyi út 97. (1) 877-1000 info@eston.hu

hOmeWORk

www.homework.hu 164

165

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3,326 3,551

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1,439 2,171

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Magyar Posta Takarék Ingatlan Befektetési Alap (100) –

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Lodge&Partners Investment Management, www.lodge-im.com

1117 Budapest, Budafoki út 209. (1) 225-6600 hungary@cpipg.com

1051 Budapest, Markó utca 9. – koszeghy.erzsebet@lokomotivhaz.hu 1062 Budapest, Andrássy út 93. (1) 382-7560 office@gamma-am.hu 1013 Budapest, Krisztina tér 1. (1) 920 2060 sales@inmanagement.hu 1052 Budapest, Károly körút 6. (1) 382-7560 office@gamma-am.hu 1061 Budapest, Andrássy út 11. – ullmann@lodge-im.com

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Budapest Business Journal | May 7 – May 20, 2021

News///in brief

Special Report | 31

Real Estate

Photo by Pixachi / Shutterstock.com

the year. Office buildings made up 57% of commercial real estate investments, hotels 15%, industrial and logistics properties 14%, real estate property 7%, and development plots 6%. The Housing and Real Estate Market Advisory Board (LITT), a body of real estate professionals and policymakers established by the central bank, augurs a return to investment growth in the sector at the end of 2021 or early in 2022, the MNB said.

CLEANING AND HYGIENE

FACILITY MANAGEMENT

FIT-OUT

Business Confidence in Real Estate Market Growing Evosoft Opens 22,000 sqm HQ Software developer Evosoft Hungary, a member of Germany’s Siemens group, inaugurated its new headquarters in Budapest on April 27, according to profitline.hu. Developer Wing completed the six-story office building on close to 22,000 sqm. Wing chairman-CEO Noah Steinberg said the developer had applied the same know-how to the Evosoft Hungary HQ that it used to build the local bases of Ericsson and Magyar Telekom. Evosoft Hungary employs more than 1,400 people; last year, its revenue from software development exceeded HUF 27 billion.

Few Businesses Plan Changes to Office Space More than 90% of Hungarian SMEs and big companies plan no changes to their office space in the coming year, according to a survey by economic research company GKI, writes uzletem.hu (My Business). The survey of 969 companies, excluding multinationals, showed 94% of firms that rent office space plan no changes to their contracts in the coming year, while 92% of businesses that own their office space plan neither to scale up or scale down. The companies used 129 sqm of office space, on average. Microbusinesses used 66 sqm on average, small businesses 140 sqm, mid-sized enterprises 298 sqm, and big companies 509 sqm. Interestingly, just 30% of office space was leased.

Commercial Real Estate Investment Fell 41% Last Year Commercial real estate investment in Hungary fell 41% to EUR 1.1 billion last year, and experts expect the decline to continue until the end of 2021 or early 2022, the National Bank of Hungary (MNB) said in a biannual report released on its website on April 28. The MNB report on commercial real estate shows the average size of property investments dropped 34% to EUR 21 million in 2020. The inauguration of five big projects accounted for 48% of investments during

Business confidence in the real estate market is growing, according to the latest research by real estate consultancy CBRE, writes business daily Világgazdaság (Global Economy). The first quarter of 2021 saw the sector dominated by domestic investors and persisting tenant demand for industrial real estate. While growth in economic performance is highly dependent on vaccinations, strong growth in the office market may start in the second quarter. CBRE says that shopping malls reopened successfully and carefully after the March closures, and visitor numbers are above pre-March closing levels.

Office Buildings Continued to see Investment Last Year Office buildings proved to be the most attractive investment target in the Hungarian commercial real estate market in 2020, according to the DLA Piper publication “Real Estate Intelligence Report 2021 - Hungary,” writes origo.hu. The annual real estate market analysis shows that investor confidence in office buildings remained unbroken in 2020, with about 60% of transactions completed with the assistance of a legal advisor. Due to the challenges and uncertainties caused by the coronavirus epidemic, the volume of investment decreased by 20% compared to 2019; however, the Hungarian commercial real estate market continued to attract domestic and foreign investors, the report found.

Health Clinic in Ferencváros Expanding Under the Healthy Budapest Program, the government is supporting the District IX expansion and infrastructural development of the Ferencváros Health Service Center, according to the official Magyar Közlöny (Hungarian Gazette), writes business daily Világgazdaság (Global Economy). According to the Magyar Építő (Hungarian Builder) portal, the specialist clinic in Ferencváros will be expanded with a five-story building. According to the data of the EU public procurement notice, the design tasks of the existing and the new parts of the building are to be performed by B3 Építész Stúdió Kft.

DOCUMENT MANAGEMENT TEXTILE MANAGEMENT AND PROTECTIVE EQUIPMENT GARDENING, LANDSCAPING AND FORESTRY

VENDING SERVICES

EXPERTISE ON ALL LEVELS We know from experience that a building needs to be constantly maintained in order to serve its users safely and in the long term. As a full-service Facility Management provider, we make sure you don’t have to worry about that and can focus on what’s really important: getting to the top.

www.bnref.hu

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Special Report

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

Facility Management Companies oFFiCe buildings (%)

industRial FaCilities (%)

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net Revenue FRoM FaCility ManageMent in 2020 (HuF Mln)

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total net Revenue in 2020 (HuF Mln)

poRtFolio

CoMpany Website

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www.future-fm.hu

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Ranked by total net revenue (HUF mln) in 2020

oWneRsHip (%) HungaRian non-HungaRian

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addRess pHone eMail

1998 648

AKKO Invest Nyrt. (100) –

lászló vágó Tamás Giller György Miklósi

1095 Budapest, Máriássy utca 7. (1) 299-2150 info@ neopropertyservices.hu

(100) –

Ferenc batári, józsef schmidt Zita Surányi –

1148 Budapest, Fogarasi út 5. (1) 468-4080 info@future-fm.hu

István Jászberényi (100) –

istván jászberényi István Ádám Zoltán Hock

1139 Budapest, Pap Károly utca 4–6. (1) 465-7050 info@kraft-fm.hu

(100) –

gábor décsi Erzsébet Kovács Zoltán Tóth

1023 Budapest, Lajos utca 28–32. (1) 423-0000 info@domefsg.hu

– Atalian Europe S.A. (100)

levente Mihály velky – –

1138 Budapest, Váci út 191. (1) 231-4020 info@atalian.hu

András Sólyom (50), Gergely Lacsny (50) –

andrás sólyom Péter Farkasházi –

1143 Budapest, Gizella út 51-57. (1) 471-2020 noemi.makkai@ smartfm.hu

1991 A

2007 214

doMe FaCility seRviCes kFt.

www.domefsg.com

atalian global seRviCes HungaRy ZRt.

5,129

4,101

–

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4,470

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2012 67

www.atalian.hu

sMaRtFM ingatlanÜZeMeltető kFt.

2003 A

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987

UNICEF, ASUS, Solinfo, DPD

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2001 38

(100) –

Hubert Mühringer Ágnes Horváth Rita Szabó

1077 Budapest, Wesselényi utca 16. (1) 479-6135 rita.szabo@ addvalgroup.com

846

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2008 37

– Rustler Gruppe GmbH (100)

tibor karsai Edina Szántó –

1016 Budapest, Hegyalja út 7–13. (1) 434-2690 budapest@rustler.eu

✓

–

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Ferenc Kis-Szölgyémi (100) –

Ferenc kis-szölgyémi – Erika Kókai

1133 Budapest, Váci út 116-118. (30) 670-8752 iroda@bnref.hu

Stelius Zrt. (100) –

jános juhász – –

1027 Budapest, Csalogány utca 23. (1) 457-6740 inforg@inforg.hu

www.smartfm.hu

addval kFt.

www.addvalgroup.com

RustleR kFt. www.rustler.hu

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inFoRg ZRt. www.inforg.hu

2011 A

2004 65

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Budapest Business Journal | May 7 – May 20, 2021

Socialite Welcoming the Chance to Wander Budapest’s Museums and Galleries Again Budapest’s museums and galleries might soon be open to visitors who can prove they have been vaccinated. Hearing this made me realize just how much I’ve missed whiling away hours in the city’s grand temples of culture and its funky spaces. DAVID HOLZER

More than that, it’s made me aware of how important this has been to my stillevolving understanding of Budapest and Hungarian culture. Two exhibitions stand out as especially memorable to me, the retrospective of Péter Korniss’ work at the Hungarian National Gallery that ran from September 2017 to February 2018, and the permanent exhibition at the Vasarely Múzeum tucked away in Óbuda. Apart from the fact that Korniss’ photography introduced me to aspects of Hungary and especially Transylvania I had no idea existed, I had the great pleasure of meeting and interviewing the man himself. “I was born in Transylvania and I still feel very Transylvanian. We moved to Budapest when I was 12. I would have liked to have been a lawyer but in 1956, after the revolution, I was expelled from the law faculty of Eötvös Loránd University. I didn’t do anything special. I wasn’t a hero. I must have just been a little too loud,” he told me. “After the revolution, there was a depression. I had to do several jobs to survive. I found a job as a picture drier at the so-called photographic cooperative on Andrássy Avenue. After a while, I started freelancing as a photographer for the weekly sports magazine. I got a job at “Nők Lapja,” the most popular women’s magazine, in 1961 and worked there for 30 years. I finished as the picture editor and art editor,” he recalled. Korniss’ photographs of Eastern European villagers made a particular impression on me. He began taking photos of the villagers and their world in 1967. At that time, he said, Hungarians “knew very little of real life in Transylvania

Artwork at the Vasarely Museum in Pécs, Hungary, including his famous Zebra theme. Photo by Dedo Luka / Shutterstock.com because, back then, the socialists didn’t want to stir up nationalism.” When he returned from Transylvania with his first photos, Korniss was asked if the villagers had gotten dressed up in their colorful costumes especially for him. “They live like this,” he replied. For this reason, Korniss waited for more than 30 years before showing the two photos that made the most impression on me, “Girl Turning the Hay” and “Resting Haymaker.” Even then people still asked him if the girl in the photos was a model.

Undiminished Power

National Gallery as you can get. It’s also out in Óbuda which, if you want to explore a different side of Budapest, is perfect. I was keen to see Vasarely’s work because the only thing I knew about it, or him, was that a painting of his was used as the backdrop to “Space Oddity,” David Bowie’s 1969 album. Vasarely was born in Pécs (209 km southeast of Budapest by road) in 1906. After abandoning medicine in 1927, he began to study painting. This changed when he enrolled at the Műhely or workshop, Budapest’s center for Bauhaus studies. Here, he learned typographical design and graphic art. He left Hungary, arrived in Paris in 1930, and spent the rest of his life in the city of light, dying there in 1997.

The exhibition of Korniss’ work spanned almost 60 years and one of the most remarkable things was the undiminished power of the images. Well-known A series called “Tradition” (2005 to Speaking to my Hungarian partner about 2012) included “Nativity Players in the Vasarely, what surprised me was how wellHousing Estate.” The Transylvanian known he is here. She told me that every nativity players are shown in their Hungarian child knows his 1938 painting traditional costume against the gritty, “Zebras.” Apparently, a school visit to the urban backdrop of Debrecen. When I met Korniss, I told him that the other Vasarely Museum at Pécs is part of a typical Hungarian education. photos in the “Tradition” series made me Hopefully, all those art-hungry Hungarian think he was a contemporary Young Turk children will soon be scampering around of a photographer. He was delighted. the country’s museums and galleries Now I realize that Korniss was the first again. There are plenty of benefits to be Hungarian gentleman I ever met. had from viewing art in the real world. The Victor Vasarely Museum at Following my nose online I came Szentlélek tér is about as far removed across something called the Nordfrom the enormous and grand Hungarian

Trondelag Health Study. This surveyed 130,000 Norwegians aged 13 upwards. As part of the study, more than 50,000 men and women were asked how often they took part in cultural activities that included visiting galleries and museums. The study apparently discovered that there was a clear connection between taking part in cultural activities and better health, contentment, and less anxiety and depression. These benefits were as apparent in people who consume art as they are artists themselves. The findings of a 2014 study by the University of Arkansas among students are perhaps less surprising. After surveying more than 100,000 students, the study found that between 70-88% of them claimed to have become more tolerant and empathetic after a field trip to an art museum. More interesting, and in keeping with Budapest’s reputation as a city of romance, are the findings of Professor Semir Zeki, a British neurobiologist at the University of London. He scanned the brains of volunteers to see what happened when they looked at 28 works of art. When the volunteers viewed art they found beautiful, it released the neurotransmitter dopamine into their brains. Dopamine is associated with feeling loved up, amorous, and in the mood for pleasure. Race you to the gallery.

34 | 4

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Budapest Business Journal | May 7 – May 20, 2021

News///in brief Cultural

Photo by Geza Kurka Photos / Shutterstock.com

Műcsarnok Reopens on 125th Anniversary

The Műcsarnok (Kunsthalle or Hall of Art) celebrated its 125th anniversary with special programs on May 4 and reopened to

Hungarian Companies Supplying Hardware, Software for ESA Mission Hungarian companies are delivering hardware and software for the European Space Agency’s fast-class mission to intercept a comet that is just starting its journey into the inner solar system,

Hungarian companies. “The consortium of scientific and industrial partners well demonstrates the power of such synergic collaboration that could play a significant role in space projects at an international level,” ELKH said. The Comet Interceptor space probe is slated to launch in 2029.

MNB Issues Coin Commemorating 125th Anniversary of Metro 1

visitors from that day, according to business daily Világgazdaság (Global Economy). Quoting the museum, the article recalled that 125 years ago, on May 4, 1896, the Műcsarnok opened its doors with the Millennium National Exhibition of the National Hungarian Fine Arts Society. The exhibition venue on Heroes’ Square has been closed for many months due to the restrictive measures taken to combat the spread of COVID-19 during the coronavirus pandemic.

Making the 125th anniversary of the opening of the Millennium Underground Railway, the Hungarian National Bank (MNB) issued a commemorative coin with a face value of HUF 2,000 on May 3, writes origo.hu. The special coin was designed by the applied artist Balázs Bitó with professional input from the Hungarian Museum of Technology and Transport. The central motif on the obverse of the coin depicts a cross-section of a stop on the Metro 1 line based on a 19th-century drawing. The commemorative coins can be purchased at face value from May 3 in the coin shop and webshop of Magyar Pénzverő Zrt. for up to one year after the issue.

according to azuzlet.hu (The Business). The Eötvös Loránd Research Network (ELKH) Research Center for Astronomy and Earth Sciences is coordinating the development of the Digital Processing Module of the camera that will be used on the ESA’s Comet Interceptor mission. Hardware for the device is being developed by REED and the software by SGF, both

GVH Warns Budapest Park Over Deceptive Ticket Pricing The Hungarian Competition Authority (GVH) found that the operator of open-air entertainment venue Budapest Park acted unlawfully when it did not inform consumers about the extra costs of ticket prices in its

advertisements, according to novekedes.hu (Growth). Budapest Park’s website, social network, and online advertisements did not indicate all the factors influencing the price of tickets, so consumers could only find out the amount to be paid at a late stage in the purchase. As the company corrected the deceptive practice, which was its first infringement, the authority said it merely issued a warning in this instance.

Decision to Hold Sziget Festival Expected in Early May The organizers of the Sziget Festival, the week-long musical extravaganza on an island in the Danube, expect to decide on this year’s event “by the beginning of May at the latest,” managing director Tamás Kádár said in the April 20 issue of business daily Világgazdaság (Global Economy). Sziget has already canceled two smaller festivals slated for early summer, Telekom VOLT and Balaton Sound, but has not yet made a call for its flagship event in Budapest, slated for August 4-11. Industry insiders are waiting for the Hungarian Tourism Agency to indicate how and when a gradual plan for re-opening submitted by professional association Music Hungary could be implemented, but Kádár said nobody in the business wants a rushed restart before there is a way concerts can take place safely. Sziget estimates it racked up a HUF 1.5 billion loss last year, after plowing money into marketing for festivals that were canceled because of the pandemic.

PRESENTED CONTENT

Listening to the Inner Voice

continue this ideology. This year we are celebrating 100 years from the birth of György Cziffra and, as an artistic director, I thought why not make this a truly international memorial year, when we could celebrate Cziffra together with the world’s greatest orchestras and artists? I am happy to say that we have succeeded. To mention only some of our guests: the Radio Symphonic Orchestra of Paris, the Victoria Hall in Geneva, the Moscow State Tchaikovsky Conservatory, the Royal Philharmonic Orchestra in London, altogether 35 cities from 15 countries, more than 100 programs and 100 performers will participate between February 2021 and May 2022. We can commemorate an artist in many ways, but since Cziffra was not a creator, we would rather integrate again and again into the international music stream the perception of music that he represented.

György Cziffra was a pianist who made a huge impact on 20th-century music. His style, his approach to interpreting music, his art management and support skills open new horizons even decades later and bring back lost traditions into concert halls, the opportunity for improvisation and the freedom of the performing artist, as set by Franz Liszt.

KÁLMÁN BÉRES

From the very beginning of his career, Kossuth Prize-awarded Steinway Artist János Balázs has sought to continue Cziffra’s legacy. According to critics and notable artists, Balázs’ technical skills, his musicality and his improvising ability make him truly an artistic and spiritual successor to Cziffra. His concerts are widely acclaimed, his ability to connect with the audience allowing him to blur the distance between the performer and the public. In 2017, Balázs founded the Cziffra Fesztivál, which has become one of the most appreciated classical music events in Budapest. The festival features worldclass performers, as well as many awards,

master classes, and concert opportunities for young artists. This year, marking the 100th anniversary of the birth of Cziffra, the organizers pay their homage with a year-long event in Hungary and abroad, in cooperation with international partners. The series has been included in the official anniversary calendar of UNESCO, and the Hungarian government has declared it an official memorial year. Balázs, artistic director of both the Cziffra Fesztivál and the György Cziffra memorial year shared details of the event with the Budapest Business Journal. BBJ: How did the Cziffra Fesztivál begin? János Balázs: Cziffra was an iconic and legendary artist of the romantic interpretation started by Franz Liszt. Apart from being an example for me as

János Balázs a child, later it became important for me to give space and focus to artists who are representative of this style, but also for the new generations of artists. We have been organizing the Cziffra Fesztivál in Budapest for five years with world-renowned artists in the most prestigious concert halls in Hungary. Education is also important for us, so we are supporting artists who

BBJ: Since Cziffra had such an enormous influence, how did the personal style of János Balázs unfold? JB: Through the records, Cziffra helped me to find my inner self. An artist can unfold only if he listens to his inner voice. What I experienced in many concert halls around the world was that audiences are looking for what makes someone special, for individuality. They are not interested in listening to the same piano sheet played the same way again and again. The audience is interested to see how it is reconstructed by the artist.

www.bbj.hu

Budapest Business Journal | May 7 – May 20, 2021

Electric Etyek is Expecting You With terraces now reopened to all, wineries across the land are welcoming guests once again. To get a fix of vines, and ones which make some rather fine wines, the charming, sleepy town of Etyek, just some 30 km west of the capital and with 30 plus wine cellars, is the ideal day trip from the capital.

Socialite | 35

were all botrytized sweet wines from Tokaj, as were many more that finished behind the Etyeki kúria offering.

The Project

When visiting this winery, be sure to check out its MSP series of wines. MSP stands for the Merész Sándor Projekt, which gives Etyeki kúria’s talented winemaker the chance to let his creative juices run wild, quite literally in the case of MSP Wild Fermented Sauvignon Blanc 2018 (HUF 2,950). The range also emphasizes indigenous Hungarian grape varieties, as in MSP Kira 2018, which is 100% Királyleánka (currently on sale for HUF 2,990 for two bottles). The wine was given one night of skin contact and has spicy, creamy apricot notes; and MSP Zenit 2019, a pure expression of the grape with an airy floral and herbal character. The MSP wines, which have good concentration and complexity and Áron Szövényi in his Anonym Pince. Photo by Or Szűcs. include an orange wine, are now being kept back for serving and sale exclusively at the winery. partners to cater to guests and is currently restricting its usual capacity to provide Etyeki kúria makes what is also extra security from the virus for its guests. serving cold platters at weekends. perhaps the best Pinot Noir in the Etyeki kúria, once a bijou cellar, now has It now ensures a distance of three meters country. The 2016 Pinot Noir Selection a state-of-the-art winery on Báthori utca, (HUF 7,200 from the winery) came between tables, reduced from 14 to 11 (each sitting four people), and three stools produces 250,000 bottles per year, and from various clones from Etyek’s Nagy employs 25 people. It has long been known at the bar instead of the regular eight. Látóhegy vineyard and was aged for for its outstanding, reductively-made “When we opened up on April 10 months in new 300-liter French Sauvignon Blanc (the 2019 vintage costs 24, a huge crowd turned up, but we and Austrian barrels. It has a lovely HUF 2,390 from Bortársaság), which strikes combination of earthiness and fruitiness decided not to give tables to everyone a lovely balance between aromatic intensity and will get even better with age. immediately as we want to provide ROBERT SMYTH and crispy elegance on the palate. This a safe environment, and the guests Anonym Pince’s Áron Szövényi wine is ideal for pairing with the asparagus appreciated this,” said Szabolcs Szerepi, also works with Pinot Noir. While he There’s usually a strong breeze blowing that is beginning to hit the market stalls. admits that, with just one clone to vinify Etyeki kúria’s development director. in Etyek (sometimes nicknamed the The winery also has a sparkling “We gave a chance to everyone to enjoy from, his wine doesn’t reach the same “Etyek hurricane” by winemakers). Add Sauvignon Blanc (HUF 3,490 from themselves on our terrace; however, complexity as that from Etyeki kúria, I in the white calcareous soil (mixed with Bortársaság, HUF 3,500 from the some of them had to wait a bit.” really liked the spicy, earthy, and ethereal loess and chernozem), and the conditions winery). This is made using the Asti Szerepi added that the winery has also ‘Életjel’ 2017 (HUF 4,200 from the winery). are ripe for making mainly white wines method, whereby the carbon dioxide decided to have five waiters/sommeliers I was sorry to hear that, facing a lack with tongue-tingling, almost buzzing from the fermentation in a stainless steel of demand for Pinot Noir, he’s decided serving on its wine terrace, compared to acidity, and fresh aromas. tank is retained and the wine chilled to the usual three, to give guests prompt not to make red wine from grapes Electric acidity is the essence of Etyek; and extra personal service and provide stop the fermentation, with 10.5 grams every vintage. Szövényi also makes a several producers are channeling it per liter of residual sugar remaining. new staff with experience. complex traditional method sparkling nicely to make vibrant whites, tense This balances the wine’s naturally high wine, Összhang Brut (HUF 5,800 from Despite now being permitted to receive traditional method sparklers, as well acidity but is low enough to officially guests who hold vaccination certificates the winery). A blend of 85% Chardonnay as bubbly from other methods, and the indoors, Etyeki kúria has decided to keep keep it in the Brut category, where it also and 15% Pinot Noir from the 2014 and occasional impressive Pinot Noir. belongs taste-wise. It was aged on fine its indoor wine bar closed for the time 2015 vintages and made from three base In a new development, 10 producers lees for two months, which gives it an being, other than for short visits to buy wines, it spent a year in oak, followed by are teaming up to focus on sparkling extra bit of mouthfeel. wine and other products to take away. two years of bottle aging on the lees for wines through the Etyeki Pezsgő This varietally pure wine oozes pure the secondary fermentation. Full Opening Eredetvédelmi Egyesület, a kind of wine green pepper and gooseberry notes and It has nice creaminess from the oak Szerepi expects a full opening around club for winemakers to share ideas and claimed 39th position in the Winelovers and the interaction with the lees, which the middle of June when the winery promote excellence. 100 legjobb Magyar Bor (100 best also gives a nice touch of brioche, but also plans to serving warm dishes. It Etyeki kúria opened up the terrace Hungarian wines). That’s impressive, it still has plenty of primary fruit. It is has previously worked with restaurant at its winery on Öreghegy on April 24, especially given that the first 18 wines pleasantly and thirst-quenchingly dry.

Some of the Etyeki kúria offerings. Photo by Or Szűcs.