16
REAL ESTATE review
Arena Business Campus Building A
CONSTRAINED PIPELINE MEETS STRONG DEMAND With strong demand fundamentals, office developers have been able to go forward with office projects with the confidence that tenants can be found and preleases concluded and this is thus regarded as one of the sectors that will be least adversely impacted by the coronavirus crisis. By Gary J. Morrell Budapest office supply has continued to boom, with vacancy falling to some of the lowest levels on record. At the same time, supply has been
relatively constrained in comparison with past cycles. Preleases now constitute a significant part of the market; companies looking for quality, well-located contiguous office spaces have to plan ahead
as there are few opportunities in the Budapest market. Developers have sustainable development policies and this can be seen as market pressures exerting influence on developers and buildingowners to meet the changing and ever more complex demands of tenants. Developers and investors are employing international and leading Hungarian architects and interior designers to deliver ever more imaginative projects to meet these sophisticated demands from building users. With regard to the impact of the COVID-19 virus, Cushman & Wakefield say ongoing development schemes
