Report: 93% of Budapest office buildings older than five years
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As much as 93% of Budapestʼs office buildings are more than five years old given that only 22 new office buildings were completed between 2011-2015 – signaling the need for a wave of refurbishments to help attract new and keep old tenants, according to a press release issued yesterday by real estate investor CA Immo.
Some 134 office building were built before 2000, and these properties will soon require an upgrade to bring their technical systems and machinery up to current standards, according to CA Immo. Investing in energy efficiency is one of the most popular upgrades, and also contributes to a tenantʼs overall impression of a building.
The Budapest market is home to a total of 307 modern office buildings, with 40% of these being class “A”, according to technical specifications. With regards to rentable space, 60% of the market falls into class “A”, comprising a total of 1.7 million sqm, according to CA Immo.
Only 30% of office buildings built prior to 2000 are classified as class “A”, while 87% of those built in the period of 2006-2010 are deemed class “A”. Of those buildings built in the period of 2011-2015, 96% qualify as class “A”.
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