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Budapest new retail space market suffers

  There was no handover of new retail properties in Budapest in 2008, and several developers experiencing financial trouble delayed or even stopped projects, property consultancy ESTON International said in a report.

At the beginning of 2008, developers had planned to put 300,000 square meters of retail space onto the market, but there are now just 160,000 sq. m. under construction, ESTON said.

Several shopping centre were inaugurated in other Hungarian cities in 2008, among them the Agria Park in Eger, developed by WING, and the Forum Debrecen shopping centre.

The construction of the Árkád in Szeged, which, with 40,000 sq.m. of gross leasable area, aims to become the largest shopping centre in Hungary outside of Budapest, was halted, ESTON said, citing unofficial information. (MTI-Econews)