Diófa leases 3,700 sqm in Óbuda Gate

Office Market

Diófa Asset Management has announced it has leased more than 3,700 sqm to new tenants in the Óbuda Gate office building, according to a press statement sent to the Budapest Business Journal today.

The new tenants are Grape Solutions Ltd. and BSH Home Appliances, each leasing around 900 sqm gross office space, while a further 1,500 sqm area was let to an unnamed company in the energy sector. In addition, a new restaurant operator has signed a lease agreement for the completely renewed restaurant and café, this being the second office building where the restaurant operator has cooperated with Diófa.

North-Buda is a relatively small submarket on the Budapest office market; this location contributed to only 7% of the newly leased volume in 2016, according to Diófa. Due to the fact that the area has the second largest vacancy rate after the periphery, exceeding the total average by four percentage points, it provides challenges for landlords. The newly leased areas of the Óbuda Gate office complex has reached one-third of the annual (2016) leasing volume in North Buda.

With further advanced negotiations underway, Diófa Asset Management says more decision makers are discovering the opportunities in the North-Buda submarket.

Diófa Asset Management, representing the owner, redeveloped several parts of the 14,000 sqm GLA office building to fit tenant’s expectations and to be more competitive on the market. Two property agencies are co-working on the office buildings’ leasing strategy: Robertson Hungary and Jones Lang LaSalle. 

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