Cushman & Wakefield, Hungary’s leading real estate consultant, accounting for the largest office market share for over 6 years in a row, has closed 9 new deals extending to over 12,700 sq m in partnership with CA Immo in Budapest so far this year with further deals expected to close in the next few weeks.
Three of these recent deals were transacted in Capital Square, CA Immo’s trophy asset located in Budapest’s fastest developing business district, the Váci corridor. Capital Square was handed over in 2009 and has an outstanding occupancy rate ever since. Cushman & Wakefield has been responsible for the exclusive leasing of this landmark property upon completion.
Further four notable transactions were closed in CA Immo’s other important asset, Viziváros office building also being exclusively represented by Cushman & Wakefield, located in the Central Buda submarket. Viziváros is a 1st generation office building with close to 100% occupany. The Central Buda submarket is in high demand with limited opportunities, it had the second lowest vacancy rate, 5.5% in Q2.
Cushman & Wakefield also contributed to a transaction in City Gate, a building that served as an HQ building of a large international corporate for a very long time. When the company moved out recently, the building has gone trough a complete refurbishment and re-entered the market with a completely new design last year. City Gate is very popular among occupiers and is already almost fully let.
The largest among the above deals was closed in Millennium Tower I., where a large telco company renewed its long term lease agreement by this further occupying most of this iconic office building on the river bank.
Tamara Szántó, Partner, Head of Office Agency at Cushman & Wakefield in Budapest commented on the success: “It is no doubt, that the first few months of 2018 were extremely busy for both Cushman & Wakefield and CA Immo. We hope to keep up this fruitful cooperation between our firms with some further deals planned to close by the end of the summer. CA Immo’s current portfolio consists of quality, well located and sought after assets with very high occupany rate. We are confident, that the company’s flexible and adaptive Tenant approach and Cushman & Wakefield’s professional business attitude will help to quickly lease up the remaining areas.”
Ede Gulyás, Managing Director at CA Immo added: “It is important for us to have a balanced and committed business relationship with our partners and the recent deals reflect that Cushman & Wakefield is a company that plays a major role in our development and contributes to our success greatly! Our portfolio provides very good fundamentals for all companies working with us. We are excitedly looking forward to further deals in this flourishing business environment.”
In the past 18 months Cushman & Wakefield together with CA Immo have closed 24 new deals on over 24,500 sq m in Budapest.