Immofinanz occupancy rate hits record 96%
Regional commercial real estate firm Immofinanz announced that the occupancy rate of its standing investment portfolio climbed to 95.8% in 2018, representing a 1.6% year-on-year increase, and a growth of 6.2% over the past two years, according to a press release sent to the Budapest Business Journal.
An Immofinanz Stop Shop in Nyíregyháza, Hungary.
Immofinanzʼs occupancy rate in the office portfolio rose from 91.9% at the end of December 2017 to 93.7% at the end of last year. Its myhive brand office properties are even more popular, with a 94.6% occupancy rate, up from 93% in December 2017.
The retail portfolioʼs occupancy rate stood at 98.2% at the end of 2018, one percent higher than a year prior. The occupancy rate rose from 97.9% to 98.8% in the Stop Shop retail parks, and from 96.8% to 97.9% in the VIVO! shopping centers. Immofinanz says its core countries with the highest occupancy rates are Germany (99.4%), Slovakia (96.9%), and Hungary (96%).
"Our clear brand policy as the guarantee for quality and reliability, combined with our high customer orientation, formed the basis for this further increase in occupancy to a new record level," noted Dietmar Reindl, COO of Immofinanz. "We are currently continuing the roll-out of our myhive office brand in Vienna, Düsseldorf and Bucharest, which will give us a total of 26 locations, and we want to strengthen our positioning as the leading retail park operator in Europe with further acquisitions and our own Stop Shop development projects."
Immofinanz again increased take-up in 2018 and rented about 312,400 square meters of usable space, up from 253,800 sqm in 2017. Of the total, 119,700 sqm represent new leases and 192,700 sqm comes from the extension of existing contracts.
The company experienced its most dynamic growth in 2018 in the Czech Republic, Slovakia and Hungary. The occupancy rate in these three countries increased by between 3.1 and 3.9 percentage points, while take-up amounted to between 23.4% and 29.2% of Immofinanz’s rentable space in the respective core country.
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