The past summer proved beyond doubt why it matters, and Mátyás Gereben, country manager of CPI Hungary, believes that, precisely because of this attitude, the company he leads was able to rise to the challenge.
“When Paks Nuclear Power Plant was shut down, and when there was this mini energy crisis in Hungary and the prime minister asked the public to reduce energy consumption, there was a pressure on us,” Gereben recalls.
It is, perhaps, worth adding a little context at this stage. The extreme heat and drought drove the Danube to exceptionally low levels this summer. As Paks relies on river water for cooling, its output fell dramatically, at one point to roughly 10% of normal capacity, with fears that a full shutdown of the NPP might be required on safety grounds for the first time in its 44-year history.
This created a potential electricity-supply shortfall, especially during periods of high demand from air conditioning. At the peak of the crisis, the government asked households and large electricity users to reduce consumption during the evening peak from 5-10 p.m., particularly by avoiding air-conditioning, EV charging and other discretionary electricity use.
The voluntary request was introduced around July 30. By Aug. 26, emergency engineering work at Paks had raised the riverbed, all four reactors and all eight turbines were back in full operation, and the crisis had been averted.
“I’m so proud of my colleagues. Everybody, as one person, started to brainstorm, and then turn thoughts into action; that was a fantastic common effort and a great lesson to learn,” Gereben says.
“We were able to measure that, out of the 500 gigawatts that were saved on the national level, the CPI Hungary portfolio saved 3.4 MW of energy because we reacted with speed and efficiency,” he notes.
One measure CPI took was raising the temperature comfort level in its buildings from 23°C (73.5°F) to 27°C (80.5°F). Now, based on tenant feedback, the company is looking at raising it long-term to 25°C (77°F). “Those two degrees Celsius are a huge energy-saving capacity,” Gereben says.
“This summer, and especially this crisis, have proved what we can do if we really think about all the elements of how our portfolio is working: screens in the lobby areas, lighting outside, the actual temperature. Even putting very simple signs on the toilets: if you push the big button, that’s six liters; push the small one, and that’s three liters. All of a sudden, you can have a measurable saving on water,” the country manager points out.
“These little things will help us adapt to these unfortunate new environmental situations. As I said, I’m very proud that my colleagues were so enthusiastic about that, and we were actually achieving great results.”
That deeper thinking process into the energy use of a building underlines the need for building sustainability. Equally important for the environment, however, is what a building brings to its surroundings.
“This summer was, unfortunately, very good proof of this: the need for green areas and shade. This is something which is becoming superimportant, and if we’re not taking care now, planting trees today, then it’s going to be a major problem in 20 years. This is a program we are really focusing on, making these mini forests wherever we can, planting trees, and putting a very strict maintenance plan behind that.”
Gereben is describing so-called Miyawaki-style mini forests, named for the Japanese botanist behind the concept. Based on native plant species, these much more densely planted green areas create more biodiverse urban environments, provide shade, help absorb rainwater runoff, mitigate the urban heat island effect, and improve the local microclimate. It wasn’t always the case, but developers increasingly talk about adding green spaces to the community today.
“Who else will do that if not we, who have a certain amount of land in our hands? You have to be conscious about that because if you only ever say ‘That is the municipalities’ responsibility,’ well, they may have the intention, and great people, but I’m not sure they have the resources to do so. If we have the opportunity to do it, it’s our urban responsibility to do so,” Gereben argues.
What does the immediate future hold for CPI? Is there a new office project ready to be launched? Gereben’s answer is nuanced.
“We have plots where we can develop offices. Provided we get the right amount of pre-release, and the right amount of financing, then we absolutely have two development possibilities ready to go; we have the permits, we’ve got everything ready.”
If he is cautious about the office sector, Gereben is much more bullish about retail, and one sub-sector of it in particular.
“We see a very solid performance, and we still see good opportunities, in the retail sector, especially retail parks. If you look at the whole of Hungary, the occupancy level of retail parks is above 95%. Even tenants who have previously only looked at shopping centers are trying out these concepts now,” he says.
He makes the point that service charges have doubled in the past three or four years. “For shopping centers, there’s a multiplier factor, because it’s an enclosed space. You have to cool it. You have to heat it, to clean it, to maintain it. In a retail park, which is an an open concept, many of those service charge elements are either insignificant or entirely missing. So, the costs of being there is actually lower.”
That’s not the only benefit either. Gereben says post-COVID, the shopping experience is less about entertainment and social gathering, while convenience has made a comeback.
“We get there, we buy that, and we go home,” he says. “That’s the reason why we see an absolute up-curve for the retail park. We see opportunities there in development and in acquisitions.”
CPI Hungary’s Hungarian portfolio comprises approximately 600,000 sqm of gross lettable area across 51 properties, valued at over EUR 1.2 billion. Offices remain a key component: Budapest alone has 19 buildings, providing workspace for 19,000 people. The retail sector continues to gain importance, however, and now totals approximately 257,000 sqm, with an occupancy rate of 97.4%, serving around 65 million visitors annually.
By 2025, the greenhouse gas emissions intensity of CPI Hungary’s office portfolio had decreased by more than 70% compared with 2019, while 100% of it holds a green building certification. Since 2023, the Hungarian portfolio’s electricity needs have been covered by electricity backed by guarantees of origin from sources generated in the CEE region.
Between 2022 and 2024, photovoltaic plants were installed on the rooftops of two of CPI Hungary’s retail parks, City Market Soroksár and City Market Dunakeszi, as well as the Campona Shoppign Center and three office buildings, bringing the company’s solar power generation capacity to more than 2 MW.
This article was first published in the Budapest Business Journal print issue of September 18, 2026.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
