Hungary to Showcase Industrial, Offices, Hotels at Mipim

Office Market

HelloParks will be one of the exhibitors attending the show.

Industrial and logistics, office, and hotel development projects will be the focus of the Hungary-Budapest stand at Mipim 2023 next week, in addition to investment opportunities.

“The aim of the Hungary-Budapest stand is to promote investment in the capital and cities around the country, to showcase the investment environment in Hungary, and to provide information about development targets and opportunities,” said the Hungarian Investment Promotion Agency, one of the organizers of the national promotion effort.  

The annual Mipim real estate and investment expo at the Palais des Festivals in Cannes is the largest commercial property show in Europe. It expects to attract more than 20,000 participants from 80-plus counties, including developers, investors, industry experts, consultants, and city and country representatives.

The four-day event on the Cote d’Azur will have a significant presence from the Central European region, including major cities in the Czech Republic, Hungary and Poland, in addition to CEE representatives from the major international consultancies, promoting their respective countries.      

The Hungary-Budapest stand was jointly designed by the Real Estate Developers’ Roundtable Association (IFK) with the Liget Budapest Project and the National Industrial Park Management and Development Company (Nipüf) as featured exhibitors. The professional sponsor is CBRE.

The Budapest stand at the 2022 Mipim Expo.

Project Showcase

Leading developers such as Atenor, GLP, GTC, HelloParks (a member of the Futureal Group), InfoGroup, Inpark, and Wing will be present at the event to showcase their latest projects. City representatives from Debrecen and Szeged will also attend.

“Last year, the logistics and office markets performed particularly well, and major changes are also expected in the hotel market. So, it is no coincidence that these are the three focus areas at the exhibition,” comments Ernő Takács, president of IFK, an organization that promotes the largest property developers in Hungary

Consultancy CBRE will share its latest analyses at a series of roundtable discussions at the stand.

“Opportunities in Hungary are demonstrated by the fact that 300,000 sqm of office space was delivered last year, and demand has kept up with supply. The logistics market is expanding at a pace unseen for years, with supply growth of around 400,000 sqm in Budapest in 2022, and demand exceeding 500,000 sqm,” CBRE notes.

“The total area of industrial properties grew to 4.5 million sqm nationwide, with more than three million sqm in Budapest and the surrounding area. There are plans to add [another] nearly one million sqm, of which nearly 500,000 sqm is already under construction,” the firm says.

Smaller Cities the Future

In the hotel segment, development projects focus on increasing the attractiveness of both Budapest and destinations outside the capital. According to Takács, the future lies in business hotels in smaller cities and towns, as well as quality tourism-related developments in Budapest.

Béla Köves, CEO of Nipüf, sees a robust demand for industrial parks. The company entered the industrial property development market in 2016 as a state-owned business and is known for its Inpark brand. The industrial development group is now present in 17 cities in Hungary.

HIPA CEO István Joó comments that a record EUR 6.5 billion in investment came into Hungary last year and that an even stronger year is expected in 2023. Up to 92 large foreign direct investment deals were closed, creating some 15,000 new jobs and retaining tens of thousands more, he says.

The investor Diófa Fund Management will detail the macroeconomic and investment environment in Hungary, along with investment opportunities offered by real estate funds. György Habsburg, Hungary’s Ambassador to France, will be the guest of honor at the stand.

“We are proud to return to the exhibition, as last year the House of Music, Hungary [designed by Japanese architect Sou Fujimoto] was the first Hungarian development to win the Jury Grand Prize in the three-decade history of the Mipim Awards,” concludes Benedek Gyorgyevics, CEO of Városliget, promoting the Liget Budapest Project.

This article was first published in the Budapest Business Journal print issue of March 10, 2023.

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