Skanska Completes Phase 1 of H2Offices

Office Market

Interior layout of Skanska’s H2Offices.

Skanska has completed the first 27,000 sqm phase of its 67,000 sqm H2Offices project in the Váci Corridor. The development is located on a plot once occupied by the now-demolished former headquarters of Budapest Waterworks.

“The first phase offers nearly 27,000 sqm of leasable space on eight above-ground floors. The demand for future-proof energy-efficient prime offices remains solid, and five tenants have already decided to lease office space in the building,” Skanska says.

The company hopes to have the complex, its 10th office project in Budapest, more than 50% let within weeks and 90% leased by the beginning of next year, based on current market signings. Already secured tenants include the serviced offices provider DBH and the logistics company Orbico Hungary.

Skanska says it aims to obtain Leed “Platinum,” Well “Platinum,” Well Health & Safety certifications, and Access4You accessibility certification for the building, as is the developer’s policy across its portfolio.

The Copenhagen-headquartered Arrow Architects created the architectural design concept, with general design work developed by Studio IN-EX and landscape design by Lépték-Terv. 

Most Advanced

“Skanska has consistently implemented sustainable development goals for years. The company intends to reduce its carbon dioxide emissions by 70% by 2030, and, according to measurements, we are right on track to achieve this goal,” says Aurelia Luca, executive vice president of operations of Skanska’s commercial development business unit in Hungary and Romania. “H2Offices will be the developer’s most advanced building in Hungary in this regard as well.”

András Ábrahám, project director of Skanska’s commercial development business unit in Hungary, says sustainability is at the core of the project.

“The H2Offices complex was designed in accordance with ESG principles, taking into consideration the environment and the well-being of the community from the planning to its final implementation,” he explains.

“The building has a number of features that reduce its environmental impact. One example is the use of façade elements made from recycled materials. H2Offices is characterized by energy efficiency in lighting (37% less energy use), temperature control, and smart water management use (resulting in 40% savings); in this way, it also supports optimization of maintenance costs,” Ábrahám comments.

“The well-being of the people working here is ensured by large green areas, maximized daylight, excellent air quality, natural materials, healthy dining options around, and the running track on the roof of the building. The company also supports the spread of alternative forms of transportation with a large bicycle storage area equipped with showers, lockers, and charging options for e-cars and e-bikes,” the project director says, ticking off the amenities. 

Health and Safety

“Maintaining health and ensuring the safety of those using the building is also assisted by touchless solutions and the smart building system,” Ábrahám adds.

Construction has already started on the second 22,000 sqm phase, which is due to be delivered in 2025. The EUR 65 million project will be completed with the 18,000 sqm phase III, due to be finished in 2026/2027.

“All the investments of Skanska Hungary will undergo Leed, Well Core & Shell, and Well Health-Safety Rating certification processes, confirming their compliance with the principles of sustainable development, optimal energy consumption, as well as a safe and superior work environment,” Skanska concludes. Over the years, the company says it has built approximately 284,000 sqm of commercial space.

The office pipeline in the Hungarian capital remains healthy. Total supply in the Budapest office market has reached 4.26 million sqm, according to the Budapest Research Forum, consisting of CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL, and Robertson Hungary.

The overall vacancy rate for Budapest has increased to 11%, with Colliers estimating around 238,000 sqm of space will be delivered this year. CBRE sees an office pipeline of 217,000 sqm for 2023. Cushman & Wakefield has traced a new office supply of 320,000 sqm due to be completed in 2023 and 2024.

This article was first published in the Budapest Business Journal print issue of February 24, 2023.

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