Office
Although there is little risk of oversupply in the Budapest office market with restrained delivery in recent years, a reconsideration of working habits and time spent in the office raises questions as to the amount of demand there will be to meet supply from existing and shceduled development projects in the post – COVID environment.
This uncertainty means substantial preleases are now required before the construction of a project can be undertaken. At the same time, developers and owners are having to redesign offices to meet changing specifications driven by tenant demand and sustainability regulations.
“The office as a place of work will change: lounge -type interiors will prevail, there will be even more space for collaborative work, and the number of mixed office buildings will rise (normal plus serviced offices under the same roof),” comments Valter Kalaus, Managing Partner at Newmark VLK Hungary.
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Valter Kalaus views on sustainability questions:
How do you define sustainability with regard to the climate crisis and tenant specification requirements?
Using „green” methods is only one of the many aspects to reach sustainability. Stakeholders should present a proper roadmap to minimize the carbon footprint of the building.
How are sustainability accreditations systems moving beyond the office and industrial sectors?
Office: developing smoothly, some big tenants dedicate special staff to deal with, board awareness is rising
Industrial: only a handful of companies devote special attention to sustainability but those who do, can make others to follow
What criteria and priorities need to be added to third party sustainability systems?
– reliable
– relatively cheap
– transparent
– simple to use
– no need to hire to much staff to manage
What impact will sustainability have on the role of architects and interior designers?
– design is a secondary aspect compared to materials of office furniture and amenities
– 2 in 1 approach to elements of interior design: variable furniture’s, lights
– more space and special appearance forms for greenery
How will the office change as a place of work?
– lounge-type interiors will prevail
– even more space for collaborative work
– number of mixed office buildings will rise (normal + serviced offices under the same roof)
Should and how should RE projects be required to improve to the look and feel of the city
– local government (at different level, eg: districts, City) should be involved from the very beginning
– size is not the first priority
– adjustment to NGO’s needs on a daily basis (otherwise protest may harm the project)
Is sustainability accreditation a pre-requisite for investors in making an acquisition or is it the case that investment grade assets are usually accredited in any case?
– solid investors will require sustainability accreditation in each and every case
– percentage of non accredited assets is decreasing