REAL ESTATE review INSIDE VIEW
CROSS SECTIONS OF VÁCI CORRIDOR ARE NEW POTENTIAL HUB FOR TENANTS While development plots are running out on Váci Corridor, there are new office developments underway on the intersecting streets near the main artery of District 13. The Green Court Office, developed by CODIC in partnership with Venta and Pesti Házak and represented for leasing in co-brokerage by JLL, will deliver 21,000 sqm of leasable space by the end of 2020. With its record-low vacancy rate of 4% and stock reaching one million sqm, Váci Corridor has proven to be not only the biggest, but also the fastest growing office submarket in Budapest over the past few years. This and the sustained demand for category “A+” office space in that specific submarket may explain why more developers are recognizing the potential in new developments on the side streets of Váci út, especially in its central most section. Dózsa György út is probably the most obvious example of this phenomenon, with several new office projects announced. Among these, Green Court Office, construction of which started in 2018, may claim to be in the most advanced stage, and is due to be completed in Q4 2020. Realization of the project has already begun with the groundworks and the laying of the foundation. In the coming months, the building itself will gradually emerge and reveal its architectural splendor. The Green Court Office will complete the multifunctional Green Court complex, initiated in 2017 with the Green Court Residences, totaling 275 apartments and with several shop units on the ground floor, due to be handed over this year. Bordered by four streets, the complex is nestled in a green, quality environment that the planners and designers opted to continue into the very heart of the Green Court project itself. With the handover of the office building, a fully developed green environment will welcome new
tenants, including an inner courtyard which is one of the Váci Corridor’s most expansive green landscaped gardens of 3,300 sqm. GREEN ACCREDITATION In order to further emphasize the environmental credentials of the building, Green Court Office will be green certified to a BREEAM “Excellent” rating. It will also feature, besides many other facilities, 100 bicycle racks, shower and changing facilities and several electric car chargers in the basement. Unique features of the office building are the full height, continuous windows and the private terraces on each floor offering views of the beautiful inner courtyard. The double skin façade creates an acoustic barrier so that the office workers will be isolated from the traffic of the main road, though enjoy the advantages of a major transportation hub. The project’s focal location on the Váci Corridor, high visibility, strong
architectural expression and large floorplates make the development an attractive target for corporate tenants. JLL’s leasing experts underline that office projects around the area are of significant volume, yet not every sidestreet offers the opportunity for such a unique development combination. CODIC is among the first to realize a multifunctional complex in this district as a result of the developer’s conscious choice. “We are very pleased to take part in this unique project and contribute to the rise of an important extension of Váci Corridor, to be known as the Cross-Váci Business Area. We foresee the potential in this zone and eagerly promote it, so that future occupants could enjoy the same wide range of amenities and opportunities that the Váci Corridor provides but in a more relaxed and green environment,” said Krisztina Deák Major, head of landlord representation at JLL. “We understand that livability and environmentally conscious construction are becoming some of the most decisive factors for medium- and large-sized enterprises when selecting a new location. Green Court Office is exactly the development that can fulfil these expectations,” she added.
Green Court Office represented by JLL.
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