Office
The Budapest office market is recovering from the COVID stage. Although new construction and refurbishments have slowed a bit, they have not stopped.
There are still quite a few new projects on the horizon. Tenants are typically searching for increased flexibility both in terms of the size of the office space and the lease term. Larger tenants are gravitating towards a safe solution; therefore, approximately half of the lease transactions are renewals.
The internal configuration of offices is changing as activity-based work is taking over. There is an increased need for safety in the buildings, so touches entry, fresh air supply, and properly working HVAC systems are crucial to providing what tenants are looking for.
ESG is becoming one of the critical decision decision -making factors;
most players pay a lot of attention to an ethical, sustainable and transparent way of working. This trend will be a dominant factor in the near future.
ESG – compliance should not remain a sole marketing slogan. An interconnected, intelligent building management system enables PM and FM experts to reduce CO2 emissions and achieve sustainability targets faster. Social aspects have become more important than ever before. ESG aspects should be included in the education of staff; issuers of green bonds (mainly developers) will be responsible for ESG – compliance as well.
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