Futureal proposes District 8 rehab area as site for gov’t quarter

Office Market

Property developer Futureal Group has offered to build Hungary's planned new government quarter in an area of Budapest's District 8 it is rehabilitating, CEO Gábor Futó said on Friday.

The State Asset Directorate (KVI) recently invited a tender to determine a place for the government quarter. Some of the area under rehabilitation, called the Corvin Promenade, has already been cleared and work on the first office building started in October. The 18,500 square meter building could easily become the first structure in the new government quarter, Futó said. He said the location of the 500,000 square meter area is ideal. It is bordered by two of the capital's main traffic arteries, one of which leads to the airport.
The government announced in June plans to sell its expensive downtown office buildings and relocate to a new government quarter outside of the city center. The measure is another step the government is taking to reduce the budget deficit. The center is to be built by and leased from private investors.
The KVI said in late October that more than 20 parties had purchased documentation for the tender to provide a location for the new government quarter.

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