TriGranit announces strong Q1, says it plans more development
In the first quarter, real estate developer TriGranit signed new lease agreements for 25,777 sqm GLA, the average occupancy rate was above 95% in the company’s managed assets, and the company had 20,000 sqm GLA office development in progress, according to an earnings report issued today.
TriGranit announced in a press release that the firmʼs most active asset was Millennium Towers in Budapest, with altogether 19,010.7 sqm GLA in renewals and new leases, including agreements with Morgan Stanley and Oracle. With these agreements, the occupancy level of the Millennium Office Towers reached 99%, the company added.
“The good performance of our assets also reflects the trend: the CEE real estate market’s recovery is still on the go – slower, but still above the Western European level. There is continuously growing demand from multinational companies for ‘near-shoring’ – Central Europe has become a ‘traditional’ European destination for the BPO sector, especially Polish secondary cities like Krakow, Wroclaw and Lodz due to the large pool of cheaper, but effective and well-educated labor with strong language skills, in addition to developed infrastructure.” said Árpád Török, CEO of TriGranit.
Due to the strong performance of the BPO sector in the region, the company plans further office developments in the near future in each of its core countries: Poland, Hungary and Slovakia, the press release said.
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