Immofinanz signs contracts for 65,000 sqm in 2021

Office Market

Myhive Haller Gardens

Immofinanz - one of the largest investors in the region - signed contracts in the retail and office sector for a total of more than 65,000 sqm in 2021, according to a press release sent to the Budapest Business Journal.

The overall figure corresponds to nearly 29% of the company's Hungarian portfolio. In retail, the majority of the amount consisted of prolongations, while in the office segment most of the contracts were related to newly leased spaces. The occupancy rate of Immofinanz's Hungarian portfolio currently stands at nearly 97%. 

Moreover, in 2021, the company introduced flexible office products under Myhive brand which have been received well. A total of more than 25,300 sqm was leased in Budapest Myhive offices in 2021: nearly 14,300 sqm of new leases, and about 11,000 sqm of prolongations and extensions. Moreover, the company's local office portfolio has been fully relying on green energy since the beginning of 2022.

“Recent times have accelerated many trends in office sectors. Nevertheless, our office-related offers on the Budapest market, among others thanks to the attractiveness of the Myhive brand and the introduction of new flexible products, proves the strength of our portfolio," commented Ottó Vörös, country manager finance & support, Immofinanz Hungary. “The Myhive Haller Gardens refurbishment went according to the plan, the building has been completely renovated, and the surrounding gardens will soon be opened." 

In the retail market, nearly 40,000 sqm of contracts were signed in connection with Immofinanz's Stop Shop retail portfolio. Of these, some 35,100 sqm concerned extensions of current leases, and almost 4,500 sqm were new tenant agreements.

“The local Stop Shop parks are performing exceptionally well, the concept works fine, as retail units in easily accessible locations are an optimal combination of local supply, enjoyable shopping experience and lifestyle. This is confirmed by the fact that our Hungarian portfolio is almost fully leased," added Vörös.

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