Europeum adds 6,000sqm to Hungary's commercial property market in H1
Monday, August 1, 2011, 4:30 PM CET
About 6,000 square meters was added to the some 2 million square meters of commercial property in Hungary in the first half of the year but rents have stagnated, property consultancy DTZ and broker GVA Robertson told MTI.
The 6,000sqm Europeum is the only big commercial property to have opened so far this year, but more than 100,000sqm is to be inaugurated by year-end, including the 55,000sqm Koki Terminal and 11,000sqm Vaci1 in Budapest, as well as the 41,000sqm Arkad in Szeged, the 10,000sqm Magellan Center in Szombathely and the 7,000sqm Sio Plaza in Siofok.
About half of the commercial property in Hungary can be found in and around the capital.
Per-square-meter rents for space along Budapest's main shopping promenades are between a monthly EUR 60 and EUR 80. Shopping center rents in the center of the city charge EUR 50-70, while rents in other parts of the city are EUR 20-30.
Rents in city centers elsewhere in Hungary are EUR 15-25, but even lower, at EUR 8-10, in shopping centers.