Office Demand Undergoing Fundamental Changes bbj.hu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bbj.hu Daily Mail and Mail on Sunday newspapers.
The 45,000 sqm MG3 warehouse at HelloParks Maglód in Greater Budapest is the first industrial property in Hungary to achieve the Breeam “Outstanding” sustainability rating for New Construction, the highest standard in the third-party accreditation system.
ESG-compliant features and sustainability accreditation are increasingly the norm in real estate as an essential requirement from tenants and investors and as a regulatory expectation from the EU and national governments.
The Budapest office pipeline is low; developers are exercising caution, and new projects are being put on hold given the uncertain economic, geopolitical, and cost environment. However, ongoing schemes are progressing, despite these issues and concerns over letting, office working practices and even how much time is spent in the office.
It remains an open question when investment activity in Hungary and the CEE region will pick up after a subdued period due to concerns over the cost of finance, and the uncertain economic and geo-political environment, says real estate editor Gary J. Morrell. Another worry is how long yield corrections will continue.