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C&W closing on 50,000 sqm transacted office space in 2017

By the end of July, Cushman & Wakefield had reached 48,000 square meters of office lease transactions. It was involved in 40 transactions, including the BudaPart project, GTC White House, Duna Tower, Váci Greens scheme, GLL portfolio and Krisztina Palace, a press release from the real estate services firm reveals.

During the first seven months of this year, Cushman & Wakefield’s continuously growing Office Agency team concluded 40 transactions, states the press release sent to the BBJ.

“The first half of the year and the summer months were exceptionally busy for us on the market,” said Tamara Szántó, Associate and Head of Office Agency at Cushman & Wakefield Hungary, in an analysis of the first semester. “We concluded two of our largest deals this year in July, one in the CBD and one in the Central Pest submarket.  A large amount of new market entrants are actively looking for long-term office solutions in Budapest, which allows us to remain confident in the positive momentum of the market in the second half of the year,” she added.

“Occupier activity is strong, and given the fact that there is very limited new space coming through during the remainder of 2017, the market continues to be landlord favorable,” noted Orsolya Hegedűs, Associate and Head of Research and Consultancy at Cushman & Wakefield Budapest. “We expect 2017 levels of take-up to be similar to 2016 as there are several large occupiers active on the market. Pre-leases and new leases continue to account for the largest transactions in terms of deal size.”

The Cushman & Wakefield team represents clients on both the landlord and tenant sides. It was named Best Hungarian Office Leasing Team in 2016 by the Construction & Investment Journal (CIJ).