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Real Estate: Office Market Talk 2024

Real Estate: Office Market Talk 2024
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Kata mazsaroffAttila madlerFabrizio mazzDome groupSenior directorProperty managementGreen asset ratio

Challenging Market Environment Means Limited Office Pipeline

Challenging Market Environment Means Limited Office Pipeline
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Office Demand Undergoing Fundamental Changes

Office Demand Undergoing Fundamental Changes
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Zsombor bartaValter kalausAttila madlerRegina kuruczCushman wakefieldNational bankHungarian green building councilInternational well building institute to budapestBuilding research establishment environmental assessment methodMillennium city centerWizz airBreeam accredited millennium towerWell core certifiedScience parkNordic light trioWell certification

E-commerce and Spending Power Concerns Continue to Constrain Retail Development

Retail and shopping center development remains constrained by the increasing use of e-commerce and concerns over spending power. There are no major mall projects in the pipeline, with owners essentially concerned with redeveloping and upgrading their retail, leisure and service offer to enhance the retail experience and meet ever more sophisticated consumer demands.

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Limited new Office Development in Budapest

The Budapest office pipeline is limited; builders are exercising caution, and new projects are not being initiated in an uncertain environment. Concerns include geopolitical issues, longer-term letting and demand, office working practices and the time spent in the office, rising development and construction costs, increasing maintenance and energy costs and more expensive debt finance. Despite this, ongoing projects are continuing.

Attila madlerRegina kuruczCushman wakefieldCsaba zeleyBudapest research forumWeston internationalLiget center vitrumLiget centerLiget center classicCentral business districtHungarian buildext