BBJ: How long has Skanska been active in Hungary, and what is the scale of your business here? How does this compare with other national subsidiaries?

Aurelia Luca: Skanska has been proudly active in Hungary for more than 38 years. During this time, we have developed more than 250,000 sqm of commercial space, and our commitment here continues to grow. Hungary is a strategic market for us within Skanska’s Central and Eastern Europe region, characterized by steady growth and exciting opportunities. Our diverse portfolio spans multiple development phases and reflects the dynamic demand for sustainable, high-quality, and future-focused projects that meet the evolving needs of our clients and communities.

BBJ: What current projects is Skanska Hungary working on, and at what stage are they?

AL: Our flagship project in Hungary today is the second phase of H2Offices, located in the heart of the Váci Corridor. It is part of a three-building complex that will deliver about 67,000 sqm of modern office space and 5,000 sqm of public placemaking once it’s complete.

We broke ground in Q4 2024, and since then, we’ve finished the slurry wall, moved about 37,000 cubic meters of soil, and raised the concrete frame to level two. The parking decks are structurally complete, and our teams are busy installing MEP [mechanical, electrical and plumbing] systems. When the second building opens, it will sit beside a 3,600 sqm public park with water features and native planting, a welcoming green space for people to enjoy.

Looking ahead, we’ll begin the unitized façade work in early 2026, top out in Q2 2026, and aim to hand over the building in Q1 2027. What makes H2Offices phase II truly special is that it’s set to be Hungary’s first speculative office development operating at full net-zero carbon. Additionally, it’s already pre-certified for SmartScore and WiredScore, and we’re working toward LEED “Platinum,” WELL “Platinum,” and Access4You “Gold” certifications. We couldn’t be more excited about how this building will elevate the standards for sustainable offices here in Budapest.

BBJ: Skanska’s presence in Hungary dates back to 1987 and the foundation of Kelet-Nyugat Ingatlanfejlesztő Rt. The East-West Business Center, the first iconic office building in Budapest, was delivered in 1991. How has the market here changed since then?

AL: We’ve seen Budapest’s office market evolve since 1991; delivering the East West Business Center raised the bar for modern workplaces. Back then, the focus was on location and size; today, priorities include energy efficiency, daylight, air quality and digital readiness alongside rent. Regulations like the EU taxonomy now require measurable sustainability, not just intent. At Skanska, this is nothing new: we choose low-carbon, certified materials, integrate renewables and design to standards such as LEED, WELL and Access4You. It’s inspiring to watch the market mature as we move from merely delivering space to creating healthy, efficient and inclusive workplaces that help people and businesses thrive. We remain committed to leading this transition with practical solutions and transparent reporting now.

BBJ: To date, all of your projects have been in the capital. Is there any intention to move beyond it?

AL: Right now, our focus remains on Budapest; it’s got the infrastructure, the talent and the energy we need. There’s still plenty of opportunity here, and we’re excited to keep shaping modern, sustainable workplaces that reflect how the city itself is evolving.

BBJ: What future plans does Skanska have for Hungary?

AL: Our priority right now is delivering H2Offices phase II to the highest standards, while we prepare the third and final building on the campus. We see each phase as progress, not just in technical performance, but in shaping what the next generation of workplaces should feel and function like.

We’re pushing for more efficiency and lower embodied carbon, and we’re strengthening digital capabilities through data-driven design and materials backed by verified certifications like Environmental Product Declarations. That discipline keeps us market makers and lets us raise the industry standard for sustainability and performance.

At the same time, we are progressing with the design of Hold, a genuinely boutique project in the heart of the city. Here, historic character blends with contemporary thinking to create a warm, flexible workplace that feels distinctly local but is built for what is next. This is a project we believe will become one of Skanska’s signature spots in the city center.

BBJ: Skanska Hungary is the only ISO 14001-certified property developer on the market. Why is this important?

AL: ISO 14001 is the international standard that shows a company has a structured, audited system to manage and improve its environmental performance. At Skanska, it guides everything from design and construction to operations. We push further by using materials with Environmental Product Declarations, so decisions are based on verified life cycle and carbon data. For clients, ISO 14001 means a partner that delivers on sustainability, reduces operational risk and supports transparent, EU-aligned reporting.

BBJ: Skanska was founded in Malmö in 1887. What difference do those Swedish roots make to the way the company does business?

AL: They really shape who we are today. At our core, we bring a strong focus on sustainability, quality, and doing the right thing, values that have been part of our culture for well over a century. It’s about building long-term relationships, being transparent, and always looking for innovative ways to create value, not just for our clients, but for the communities we work in. So, while we’re a global company now, that Swedish mindset keeps us grounded and guides everything we do.

This article was first published in the Budapest Business Journal print issue of October 17, 2025.