CPI Hungary’s tenancy rate up 15% in 2016

Office Market

Real estate firm CPI Hungary’s tenancy rate for its total portfolio grew by 15% over the last year, compared to the preceding year, according to a press statement sent to the Budapest Business Journal today. The company is eyeing further expansion this year.

CPI Hungary signed lease agreements for a total of 60,000 square meters of its portfolio over 2016. Broken down into sectors, this meant 40,000 sqm of office buildings, 11,000 sqm of retail facilities, and almost 9,000 sqm of logistics space.

At the same time, CPI Hungary spent EUR 5 million on development projects. One of the most notable of these, CPI stresses, was the total renovation of the Balance Building in the Balance Office Park, which reached a 90% tenancy rate last year. In the same park, renovation works on the Balance Loft started last year. At the time of the opening of the 6,500 sqm space, CPI Hungary expects it will have signed 70% pre-lease agreements. At the end of the year, the firm also started renovations on the BC 30 Office Building, scheduled to be finished in the first quarter of this year.

CPI Hungary says it is eyeing more renovation works this year in response to tenant demand, at the Gateway Office Park and Arena Corner.

“The evolution of our company is well reflected in the fact that both tenancy and the standardization of internal processes saw improvement in the year 2016,” said Mátyás Gereben, Country Manager of CPI Hungary.

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