The commercial estate market

If there is something in the Hungarian real estate sector that has undergone a huge transformation and has been developing at the highest level, it has been the commercial estate market. A good indicator is the effervescence of several international fashion brands, which increasingly prefer to find commercial space in Andrássy Avenue.

In the Hungarian commercial real estate market, development  can be experienced in the following three areas: increasing range of traditional commercial centers; a growing number of outlet malls; and expanding luxury trade in the heart of the capital.

Shopping centers

The expansion of shopping centers in Budapest started in 1996 with Duna Plaza. During the '90s WestEnd and Mamut opened, followed by many others, both in the capital and in the province.

In Budapest there are several shopping centers whose operation is successful, with total occupation. But there are some others, especially outside the center, with apparently low yield, whose survival in the market is questionable. Despite this, there are still several areas in the Hungarian capital, where "coverage " of shopping centers is relatively low.

The major development of recently completed shopping centers in Budapest are: Arena Square, Budai Skála, Orio City, Corvin sétány and Neo Center (with about 200,000 m2 of retail space).

Commercial premises

Parallel to the major shopping developments, there is another phenomenon in the commercial market of Budapest: the consolidation of the commercial market. The rebirth of commercial premises in the capital is due to the expansion of international luxury brands.

The most active area of this market is, without doubt, Andrássy Avenue in the 6th district of Budapest, establishing itself as the avenue of international luxury brands.

Demand traditionally focused on Váci Street. We believe this pedestrian street of largely touristic traffic is not the future shopping street of Budapest, in fact, demand begins to move, mainly to Andrássy Avenue, followed by the pedestrian Deák Street and Teréz Boulevard, Rákóczy Road and Petőfi Street.

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