Latest Atenor Project due to Complete Next Year
Belgium-based Atenor has launched its latest Budapest office development, the Aréna Business Campus, with the opening of a showroom at the 20,000 sqm Aréna Business Campus A, which is due to be delivered in Q2 2020 and is the first phase of a 85,000 sqm project.
Zoltán Borbély, country manager Atenor Hungary, speaking at the launch of Aréna Business Campus.
The development of such a large-scale speculative project reflects both the positive indicators in the Budapest office market and the long-term confidence of Atenor in its ability to let and sell a project onto investors.
“We do not define ourselves as a player who only invested during good times; we were here during the crisis that started in 2008 and we are staying in the future,” comments Nikolett Püschl, leasing and development director at Atenor Hungary.
“We are confident that our ongoing projects represent value which meet the demand. Our successful leasing and sale results verify this strategy on the one hand, and on the other hand Hungary is undoubtedly the main focus of Atenor, as it is well ahead of the regional average in terms of economic growth. Our development model has remained unchanged: we purchase, develop, lease and sell and then start over again with new projects,” she adds.
Total supply in the Budapest office market has reached around 3.6 million sqm according to the Budapest Research Forum (BRF), consisting of CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary.
From a demand perspective, vacancy has fallen to an all-time low of 6.3% as of this summer. There is a high volume of space in the pipeline, although construction costs are putting pressure on development.
The BREEAM “Excellent” accredited Aréna Business Campus A, designed by Vikár & Lukács Architects Studio, is located on a plot of about 10 hectares on Hungária Körút in District VIII. In Budapest, office development sites with public direct transportation links are becoming more difficult to source.
“Sustainability accreditations have a determinative influence on the whole interior and exterior design of our projects. That is one key factor why Atenor is focusing on large scale campus style developments, as our mission goes beyond creating office areas, but we would like to play a significant role in establishing new green environments among our buildings as well,” says Püschl.
“Therefore, we pay attention to the green area ratio inside (terraces, green gardens, atriums) and outside (parks and green passages). Accessibility is crucial; therefore, we are prefer locations with metro and/or tram connections. On the other hand spaciousness is another very important factor for us, as our mission is to enrich the urban landscape with word-class, sustainable buildings in a pleasant green and livable environment. Of course, the ideal is a direct metro connection, but other transportation links are also important: trams and buses as well accessibility of the airport and highways,” she adds.
The developer has already leased around 20% of Aréna Business Campus A, according to Zoltán Borbély, country manager of Atenor Hungary. Ground work has already stated on a second 14,000 sqm phase of the project.
Meanwhile, at its phased, speculative 130,000 sqm Váci Greens project, Atenor is due to complete the 21,000 sqm building E this year and the 23,000 sqm building F next year. In parallel with development of the final phases the developer Atenor has undertaken of two projects in Buda.
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