BBJ: What is driving the market these days, and how can market participants adapt to these changes?
Gábor Nagy: The uncertain macroeconomic environment – high interest rates, AI, and ESG requirements – have transformed market needs. Companies require less space and different types of layouts. Under these conditions, market players need to provide more flexible and integrated solutions. Leveraging our strong property and facility management presence in Hungary, Icon now provides end-to-end services, supporting clients from the initial search through fit-out to day-to-day operations. Our goal is to take the burden off both tenants and landlords while digitalizing processes and creating efficiencies.

BBJ: How have tenant needs changed in recent years?
GN: Hybrid working has made the office a retention tool rather than an obligation. At the same time, flexibility has become a key factor. With the rise of project-based work and fluctuating headcounts, companies often need additional space only temporarily or must adapt quickly, something traditional lease models do not always support.

BBJ: Where do flexible office solutions stand in Hungary?
GN: Internationally, this is already a mature trend. According to several research, the flexible office market is increasingly cannibalizing corporate office leasing; the sector is poised for 300-600% growth. While in Hungary this shift is only just beginning to emerge, we have already identified a market gap that has not yet been addressed: larger-scale, corporate-level flexible office solutions. This is a segment where the “core & flex” model could also provide meaningful value, while also offering fully flexible solutions for companies that need larger spaces without long-term core commitments.


BBJ: What exactly does this “core & flex” model mean?
GN: The essence of the model is that companies can combine the cost efficiency of long-term office space with the flexibility of short-term solutions. A stable “core” office area is leased on a longer-term basis, which remains the most cost-effective option, while flexible space can be added or reduced depending on business needs, without long-term commitment, significantly reducing risk in an uncertain market environment. In practice, our solution sits between traditional leases and co-working. Our partners offer a minimum one-year lease for spaces above 500 sqm, with ready-to-use offices. Tenants pay on a workstation basis, with all infrastructure (furniture, internet, and meeting rooms) provided. This means companies can move in and start working immediately, without significant capital expenditure.

BBJ: What types of companies is this solution ideal for?
GN: Primarily medium and large companies, especially in situations where headcount or project timelines are difficult to predict. Typical use cases include project-based operations or innovation pilots. The model reduces risk, as it can be scaled up or down quickly. But this solution does not replace traditional office leasing, it complements it. 

BBJ: What are the key benefits Icon brings to both tenants and landlords throughout this process?
GN: As an integrated property and facility management company, we bridge the gap between available office capacity and rapidly changing tenant demand, while managing every operational aspects of these spaces. Icon’s goal is not just to be an operator, but a strategic partner – one that supports clients throughout the entire lifecycle and delivers real added value in a constantly evolving market.