CPI Hungary is putting that principle to work across its Budapest portfolio, with the renewal of River Estates on Váci út as its flagship.
Ask an occupier today what they need, and the answer rarely starts with square meters. It starts with people: how many will come in, on which days, and what for. Hybrid working has settled into a pattern where the office is used less for routine desk work and more for what needs presence: collaboration, client meetings, onboarding and team culture. Utilization is recovering accordingly: CBRE puts it at 53% in 2025, up from 38% a year earlier.
For landlords, the leased area is now only part of the product. Shared space, services and the quality of the working day weigh on the decision as heavily as the premises themselves. “Tenants judge us on the whole working day, not just the floor plate,” says Zita Kovács-Bertók, business development director for offices at CPI Hungary. “Our role is to be a partner in how they operate, not only the owner of the space they occupy.”
Economic conditions add urgency. With budgets under scrutiny, companies are wary of tying up capital and management time in a lengthy fit-out. They look past headline rent to the full cost of occupation: fit-out, energy, service charges and the months lost before a team can move in. Every month saved on delivery is a month of business as usual.
CPI Hungary developed its Instant Office concept precisely in response to these changed tenant needs. Delivered turnkey, it comes in several tiers: refurbished space ready for the tenant’s own finishing, partly furnished offices, and fully furnished premium units with complete infrastructure, where a team can start work on day one. Together with mycowork and coworking options, it covers requirements from a handful of desks to larger headquarters, with room to grow on flexible terms.
“If a tenant can focus on its business instead of a construction project, we have done our job,” Kovács-Bertók adds.
The same logic extends to employee satisfaction. The landlord provides well-being facilities, community events, and everyday services instead of having each occupier organize them. This tangible benefit helps employers attract and retain staff without adding to their own overheads.
The market backdrop explains why this matters. In H1 2026, Budapest vacancy stood at 12.2%, with speculative stock at 15.7%. Tenants have a choice, and buildings that offer only space at a price are losing ground to those that package flexibility and services with it.
The approach is most visible at River Estates, the 21,000 sqm office building at the junction of Váci út and Dózsa György út, next to the M3 metro. Opened in 1998, the BREEAM- and Access4You-certified property is now in its second major renewal. Rather than replace it, CPI chose to reinvest in a proven location with a solid tenant base: close to 13,000 sqm was let or renewed there in 2024–2025.
The technical program modernizes building services, electrical systems, energy operation and digital infrastructure, and gives the façade a cleaner, contemporary look. Part of the upgrades will reach tenants this year, with completion due at the end of 2027. Cycle facilities with changing rooms, a gym, EV charging and flexible parking are already in operation.
What sets the project apart is the rethinking of shared space. A new internal link will join the previously separate lobbies into one connected ground floor, and the courtyard garden is being redesigned for breaks, informal meetings and events. River Estates will also host CPI’s first Club Lounge. In this premium setting, members can meet or work in focus at no extra cost, supported by Club Corners, bookable community meeting rooms and a well-being area.
The Instant Office concept is part of the renewal too: River Estates offers Instant Office – Comfort tier, where refurbished private office is laid out to each tenant’s needs and complemented by modern, furnished common areas, so occupiers can move in quickly without managing a fit-out themselves.
Kovács-Bertók sees the scheme as a template: “River Estates shows how an established building can compete with new supply when you invest in both its technical quality and the service experience around it,” she says.
The project was planned with the wider network in mind. Through CPI Club, the company’s tenant benefits program, occupiers and their employees are not confined to their own premises or even their own building. Members can use workstations, meeting rooms and services across CPI’s office portfolio and at its hotels, choosing the location that suits the day: near home, near a client or between appointments. Community events, discounts and cafeteria-style perks for employees complete the offer.
Behind it sits a sizeable platform: CPI Hungary manages around 590,000 sqm of lettable area valued at roughly EUR 1.2 billion, including 302,000 sqm of offices in 19 buildings. Around 60,000 sqm of office leases signed in 2025 were green leases.
“Opening the whole portfolio to our members turns location from a constraint into a choice,” Kovács-Bertók says.
Location, rent and energy performance will stay on every shortlist. The differentiator will be what a building does for the people who use it. Landlords that take on more of the occupier’s burden (time, capital, services and flexibility) give companies, and their employees, a good reason to choose the office.
This article was first published in the Budapest Business Journal print issue of October 19, 2026.
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