Real estate consultant Colliers International in Hungary has expressed confidence in the Hungarian retail sector in a press release.
The premium and discount categories are in the most stable position in the retail market at the moment, according to the agency. Developments in progress presenting unique features (such as the TóPark project) are in a strong position. The premium sector is holding up particularly well.
WestEnd City Center, the flagship of TriGránit group, shows the best turnover figures in the market as well as the highest rents. “This fact coupled with the long waiting list and the good preparedness of the project establishes the viability of WestEnd II, even in the present difficult market circumstances,” Colliers International Managing Partner, Michael Smithing, emphasizes.
In spite of the slowing economy tenant demand for premium category retail units is constantly increasing. Discount stores and strip malls are still popular; TRIO opening in 2010 with 40,000 square meters of floor space has already produced the critical amount of tenants required for financing representing over 50% occupancy rate by its rents of €8-15. (press release)