As part of the expansion of the Office Garden office park, developer the GRT Group has started construction of the Office Garden IV building, which is exclusively represented by Robertson Hungary, according to a press release sent to the Budapest Business Journal.
The GRT Group decided to start the construction works of the fourth phase of the development following the success of the first three phases, the press release says. Office Garden IV is scheduled for completion in the second quarter of 2021.
The project is located in District 11 of Budapest, at the intersection of Szerémi út and Hengermalom utca. The office park offers modern, grade ‘A’ office areas in green surroundings, with the main facade of Office Garden IV set to face Szerémi út.
The fourth phase, like the preceding phases, is intended to acquire Leadership in Energy and Environmental Design (LEED) certification. The phase will offer approximately 20,000 square meters of space.
The press release notes that available services in the direct neighborhood of the office park are continuously improving, with more and more restaurants and cafés opening. Furthermore, the Új Buda Center, right across the road, provides everyday convenient services including a supermarket, post office, and dry cleaning.
The area also offers easy access to the city center, to the southern areas of Pest via Rákóczi Bridge, to the M1 and M7 motorways, and to the airport. Metro line 4 and tram line 1 offer public transport connections nearby.
After the Váci Corridor, the largest amount of office space was leased in South Buda in 2018, notes the press release, with some 15% of annual net take-up realized in this submarket. First-quarter 2019 data suggest the trend will not stop, with strong demand registered for new developments, and with 78% of new office space delivered in 2018 being pre-leased before the completion of buildings.
Landlords also have a considerable volume of pre-lease agreements for new office buildings scheduled for 2019 and 2020. Robertson says that negotiations on projects for 2020 are also close to conclusion, meaning that tenants who have started to look for office areas this year might not have a chance to find office space of adequate size and quality, but may have to wait for developments in 2021.
The lack of vacant areas has also boosted the launch of Office Garden IV, as no vacant areas were left in the previous phases.
"Robertson Hungary has been working on the leasing of Office Garden since the start of the first phase; our colleagues have in-depth know-how of the building and are aware of tenants’ expectations and the opportunities of the project," says Róbert Tilki, managing director at Robertson. "We firmly believed in the success of the project from the beginning, and the feedback and great performance of the office park confirm that our concept was right."