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No new retail space inaugurated in H1

Developers inaugurated none of the planned 93,000 square meters of retail space in Budapest in the first half of the year as consumer demand fell, an analysis by GVA Robertson sent to MTI shows.

Five big shopping centers are under construction in the capital - Allee, in Buda, at the site of the former Skála; Corvin Átrium, in an area of District VIII under rehabilitation; Mundo, on Bosnyák tér in District XIV; Terminal, at the end-station of the No 3 underground line; and Neo at the Határ út underground station - but only Allee will open this year, before the start of the holiday shopping season.

Developers planned to inaugurate 97,000 square meters of retail space outside of the capital in the first half of the year. Ribbons were cut for just 19,000 square meters of store space.

Rental fees at high-traffic shopping centers in Budapest are €80-€100 per square meter per month. (Top-category office space in the capital goes for €13-€15 per square meter per month.

Rents in other cities in the country are just a fraction of those in the capital: between €9 and €14 per square meter per month. (MTI-ECONEWS)