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The 7,800 sqm modern wing of Academia is one of only five office developments in Budapest to have been awarded WELL Core “Platinum,” the highest level of accreditation given by the International WELL Building Institute (IWBI).
The growing number of WELL-accredited buildings reflects the increasing concerns with the quality of interiors, as well as the market, regulatory, and well-being benefits (whether viewed through the lens of landlords, tenants, or building users), and the use of efficient data collection and analysis to achieve this.
“When investigating investment opportunities, ConvergenCE seeks assets that are undermanaged and where value-add potential may be unlocked,” says Zoltán Ligetvári, investment director at the developer.
“One of the key investment rationales from our side is to renovate and upgrade buildings and thereby capture higher rents through the execution of our leasing strategy,” he explains.
“In today’s market, to capture high rents and tenants with outstanding covenants, the buildings must be certified and meet certain ESG requirements. Upon any future exit from our investments, it is critical that the asset demonstrates the necessary certifications as well,” Ligetvári adds.
The other WELL “Platinum” offices in Budapest are all by Futureal: Budapest One Business Park phases I, II and III, and the Corvin Innovation Campus I. In all, there are 16 WELL Core and Fit-Out buildings in Hungary. The Agora Hub and Agora Tower, developed by HB Reavis, are both WELL Core “Gold” accredited buildings.
CBRE has traced six WELL-accredited buildings in addition to 89 Access4You-certified office projects, including 65 retail developments and six hotels. This reflects the growing popularity of accreditation that evaluates buildings based on the quality of their interior and the extent to which this enhances the well-being and quality of life of users. This further enhances the value of a building as an asset.
“In the case of luxury-level office design, the additional cost related to the WELL certification is a 0.8-1.2% extra on investment costs. Additional costs arise from choices and solutions such as low-emission carpets and furniture, better quality air filters, licensed water dispensers, on-site measurements, corporate mental and physical health support programs,” comments Regina Kurucz, managing director of Rewell Consulting and a WELL assessor.
“It is clear that the payment of the extra costs is largely within the scope of the tenant. Of course, additionally, the building owner is responsible for the appropriate quality of the common spaces, structures and amenities, furthermore for the healthy and safe building operation,” she notes.
“Companies should adopt WELL certification because it delivers measurable business outcomes while creating healthier, more productive work environments. Studies show WELL certification can lead to a 20% increase in employee productivity and a 10% reduction in absenteeism, resulting in a more engaged, productive and creative workforce,” Kurucz notes.
The expert notes that the certification process also serves as a crucial quality control mechanism for developers and building owners, ensuring that well-being features are properly designed, installed, and functioning as intended through rigorous third-party verification and performance testing.
“Beyond the immediate benefits of reduced sick days and higher employee satisfaction, WELL certification creates a baseline for Environmental, Social, and Governance reporting and benchmarking, helping companies meet growing investor and stakeholder demands for sustainable business practices,” Kurucz adds.
Operational functions are thus seen as absolutely central, not just to ESG, but to value retention.
“Property and facility management are where resilience is tested daily: energy usage, tenant satisfaction, cost control, and emergency preparedness. Transparent and accurate data enables investors and regulators to assess whether sustainability and resilience claims are credible. Without that, ESG becomes hollow, and increasingly, that carries financial and regulatory consequences,” comments Hubert Abt, CEO and& founder of Workcloud24, which offers scalable, data-based solutions for decarbonizing existing real estate.
“A modern, future-ready office complex must deliver energy efficiency, tenant well-being, digital integration, and resilience to climate and operational shocks. PM and FM functions are critical for ongoing performance; it’s not just about how the building is designed, but how it is run day-to-day,” he says.
“Proximity to sustainable transport and adaptable infrastructure supports long-term value. ESG is the baseline; resilience and operational excellence are now the differentiators,” Abt adds.
An ESG-compliant office complex must prioritize sustainability and well-being at every stage, argues Dávid Hoffer, head of property management at Skanska Commercial Property Development Europe.
“In design, energy efficiency remains a core priority, supported by renewable energy solutions and the use of materials with a minimal environmental footprint. At Skanska, we also place strong emphasis on the social dimension of ESG: creating inviting place-making areas, integrating landscaped outdoor spaces with native plants and natural features, and ensuring that services and amenities meet diverse needs,” he explains.
“Property and facility management must ensure operational efficiency, transparent energy usage reporting, and the long-term sustainability of the building. Amenities should support health, comfort, active lifestyles, inclusivity, and community-building, while location choice should favor accessibility, reduced transportation impact, and integration with local communities,” Hoffer says.
Without precise, traceable data, a credible ESG strategy is not possible. Katalin Honi, head of asset management at Colliers, views PM, FM, and transparent accounting as playing a crucial role in ESG, particularly in the collection and interpretation of reliable data.
Accurate figures on energy, water, and waste are crucial for calculating the carbon footprint, which relies on reliable operational reporting. Green certifications also depend heavily on FM-provided data. Beyond environmental metrics, transparency in health and safety compliance, indoor air quality, accessibility, and tenant satisfaction results all reflect the “Social” component of ESG and must be traceable and reportable, Honi argues.
“Amenities should promote well-being, inclusivity, and active mobility, such as dedicated cycling facilities, green spaces, and accessible public areas,” says Nándor Kovács, strategy director at Óbuda Group.
“Technical provisions, including energy-efficient innovative solutions (encompassing grey water reuse, advanced waste management systems, and smart building technologies for real-time monitoring of energy consumption, water usage, indoor air quality, and thermal comfort) are becoming standard practice,” Kovács concludes.
This article was first published in the Budapest Business Journal print issue of September 5, 2025.
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