The overall figure reaches nearly 29% of standing Hungarian portfolio. In retail, the majority of the amount was prolongations, in office segment most of the contracts relate to newly leased spaces. Moreover, in 2021 IMMOFINANZ introduced flexible office products under myhive brand which have been very well received on the market. The occupancy rate of the Hungarian portfolio is at a high level of nearly 97%.

In the office segment, a total of over 25,300 sqm was leased in Budapest myhive offices in 2021. Of this, nearly 14,300 sqm was new leases, and slightly over 11 000 sqm was prolongation or extension of existing contracts.

In 2021, IMMOFINANZ also successfully implemented new flexible office products. One of the keys to success is flexibility. The aim is to create office spaces that are easy to adapt and change, as well as rooms that can be separated. The tenants are looking for an affordable product in a safe and convenient way, and the employees want to work in a people-centred office with flexible solutions in all aspects. Moreover, the local office portfolio is fully relying on green energy from beginning of 2022.

“Recent times have accelerated many trends in office sectors. Nevertheless, our office related offers on the Budapest market, among others thanks to the attractiveness of the myhive brand and the introduction of new flexible products, proves the strength of our portfolio”, commented Ottó Vörös, Country Manager Finance & Support, IMMOFINANZ Hungary. “A myhive Haller Gardens ‘refurbishment went according to the plan, the building has been completely renovated, and the surrounding gardens will soon be opened”.  

In the retail market, the leasing related successes of the STOP SHOP retail chain covering nearly 40 000 sqm. Of these, roughly 35 100 sqm agreements concern extensions of current leases, and nearly 4500 sqm are new tenant agreements. IMMOFINANZ is consistently expanding its leading role as Europe’s largest retail park operator as part of its growth strategy. During the last two years they proved to be crisis-resilient and are equally popular among tenants and customers. The most recent acquisitions were in Croatia and Italy. IMMOFINANZ Hungary installed over one hundred electric charging points in the whole local STOP SHOP network in 2021, expanding the local services.

“The local STOP SHOP parks are performing exceptionally well, the concept works fine, as retail units in easily accessible locations are optimal combination of local supply, enjoyable shopping experience and lifestyle. This is confirmed by the fact that our Hungarian portfolio is almost fully leased," added Ottó Vörös.

 

IMMOFINANZ