Over more than a decade, Revetas has delivered what it describes as a comprehensive repositioning of the Park Center portfolio, a geographically diverse set of 12 retail assets comprising eight retail parks and four single-tenant units totaling approximately 45,000 sqm across key regional cities in Hungary.
Retail parks in regional population hubs are now a leading investment destination across the CEE region, with investors upgrading their acquisitions to meet changing consumer and tenant demand and ESG expectations.
In parallel with the integration of the portfolio, Gránit Asset Management is launching a renewal of the network’s visual identity and commercial operations, operating one of Hungary’s largest centrally managed retail park networks under the Zone Retail Park brand name.
“This acquisition is of strategic importance for Gránit Asset Management. By establishing a nationwide platform, we are not only expanding our portfolio but creating sustainable, long-term value for our investors and providing a stable foundation for our tenants,” says Álmos Mikesy, chairman and CEO of the asset management firm.
“By integrating the former Park Center units and extending the Zone Retail Park brand, we are building a modern, efficiently operated commercial network that delivers both economies of scale and a guarantee of consistent quality in the Hungarian retail market,” he adds.
“The successful exit of Park Center Hungary reinforces Revetas’ competence in creating long-term value from special situations. Since assuming stewardship of the assets, we have worked systematically to stabilize operations, enhance the tenant base and build an income profile suitable for institutional ownership,” comments Vlad Dragoescu, CEE head of portfolio management at Revetas Capital.
Speaking at the Cushman Hungary Market Outlook 2026 event at the Gerbeaud coffee house, Mike Edwards, head of capital markets, said the firm sees a “kick back in the Hungary investment market with a 54% rise in year-on-year volume for 2025. Offices reached the 50% of volume mark, and this is critical as it is a traditional leading sector.”
Office vacancy is decreasing in buildings less than five years old, while it is increasing in older stock. Cushman estimates that 47% of the total Budapest office stock is more than 15 years old and has not been refurbished.
“However, the cost of development does not justify developers going forward with new build projects,” says Edwards. Regarding the ownership structure, 10 landlords hold 50% of the total stock, and the funds have an aged profile. Prime Budapest office yields are put at 6.25%.
Edwards sees a recovery in investment activity, with larger deals and platforms being transacted; he cites a roughly EUR 150 million industrial transaction in progress as an example.
The disposal of two HelloParks assets totaling 84,000 sqm in Páty last year to Erste Real Estate Fund has established a key pricing benchmark for the industrial and logistics sector. Industrial vacancy is on an upward trend and rising to above 12%, the highest vacancy level in a decade.
However, 60% of the overall vacancy is in 14 buildings representing 312,000 sqm of space. Older buildings have higher vacancy rates, and only 42% of the total industrial stock is third-party sustainability-certified. Regarding demand, 30% comes from third-party logistics companies, so there is no over-reliance on the EV battery sector. Prime industrial yields are estimated at 6.75%.
Retail demand remains constant, with new retailers entering the market and shopping centers recording more leasing activity. Prime shopping center yields are estimated at 7.25%, with retail parks at 7.5%.
Hotel is seen as an attractive investment option with 11.5 million annual overnight guest stays recorded, and visitor numbers in Budapest expected to outpace regional peers, Warsaw and Prague.
Cushman & Wakefield has traced 4,000 rooms in the pipeline for 2026-2030, with 65% of this in the upscale/luxury strata. The purchase of the 371-room Marriott Hotel Budapest by the Hungarian BDPST from CPI in June last year was a large-scale landmark deal that marks an important shift in market sentiment. The transaction was the first exceeding EUR 100 million since 2022, according to the real estate consultancy.
Edwards describes Hungary as an underinvested market with a need for stronger, more active players. Investor interest has become increasingly visible, however, and a healthy 2026 pipeline points to a continued revival of the investment market. He anticipates that investment volume for the year will reach around EUR 1 billion.
Also speaking at the event, Zoltán Pogátsa from the University of Sopron described what is seen as the “major convergence” of CEE economies towards overall EU levels, similar to how the so-called “Asian Tigers,” such as Singapore, approached Western economic standards.
This includes areas such as the standard of living, employment, and capital investment, which is the central core of economic growth in CEE. From this perspective, Poland and Romania have been successful in terms of productivity, but Hungary and Slovakia are doing less well in terms of consumption levels.
Hungary is further perceived as achieving less due to a high concentration of wealth in a few hands. Hungary and Bulgaria also fare worse than other CEE countries in Transparency International’s Corruption Perception Index.
This article was first published in the Budapest Business Journal print issue of March 13, 2026.
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