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Construction of Budapest One Business Park Starts

Futureal Group has started work on its largest Budapest office project to date, the 65,000 sqm Budapest One Business Park. The first phase of the WELL “Platinum” pre-certified complex is scheduled to be delivered in the first half of 2019 and will offer 25,000 sqm of office space and 2,600 sqm of commercial and service space. Construction of a second speculative phase of the project will be undertaken once the first phase is completed.

Budapest One Business Park

The business park is located at a multi-modal transport intersection that includes the Metro 4 line, Kelenföld Railway Station and the M1 and M7 motorway links to western Hungary, Austria and Croatia. According to Futureal, 165,000 people use the Kelenföld terminal of Metro 4, the railway station and bus station on a daily basis.  

“Besides the unique design, location is becoming more important for tenants, which makes areas close to the underground lines more valuable, especially those that also offer an employee-focused service environment,” says Tibor Tatár, CEO of Futureal. “Due to the labor shortage, companies are able to apply attractive offices as direct recruitment tools. Budapest One can be accessed within ten minutes from the city center by direct connections,” he added. The completion of Metro 4 was central to the timing of the development.

Business, Service and Leisure

Futureal says it aims to create a business, service and leisure hub on the 22-hectare site. The 53,000 sqm Etele Plaza shopping center at the complex it is also developing is scheduled for delivery in mid-2020. This is the second brownfield development project by Futureal after the Corvin Promenade urban regeneration project.

The complex, designed by Paulinyi-Reith & Partners Architectural Studio (formerly the Mérték Group), will include a 5,000 sqm open interior green area, meditation room, green roof garden, bicycle storage facilities with showers, a so-called nano-technology carwash, rooftop running track and electric car charging facilities.

Reflecting the confidence of developers to go ahead with speculative projects in the Budapest office market, Futureal Group has also started the construction of the 8,000 sqm second phase of its Advance Tower project in the Váci office corridor. The project is expected to be handed over in the second half of 2019, bringing the EUR 68 million Advance Tower to around 20,000 sqm. The complex has been awarded BREEAM certification and will be operated according to WELL Building Standards.