News and Press
April 2007
The Budapest Research Forum (BRF) has announced some very positive data from the fourth quarter of 2006. In total, 78,746 square metres of office space was taken up in the final quarter of last year resulting in a combined annual total of 248,744m², 5% higher than the 2005 total, and the highest since 2000.
The largest deals involved Morgan Stanley, and the National Motorway Construction Company. The average was 656m², and altogether there were 120 leases, with 21 exceeding 1000m².
Morgan Stanley to open European centre in Budapest
Morgan Stanley, one of the world’s largest financial service firms, has confirmed it will establish a European service and technology centre in
Morgan Stanley said its centre will start operations in the autumn this year, employing 450 people by 2009.
North American and Western European companies have started to move their service centres to
Starbucks to enter
The US-based coffee shop chain Starbucks will make its debut on the Central and Eastern European markets in 2008, it has been reported recently. The American coffee chain has made repeated attempts over the past years to enter
Analysts say the Americans were discouraged by the fact that Hungarian customers would not be willing to pay an average €2 for a cup of coffee, regardless of its quality. This tendency is reported to have changed in recent years, as more and more premium brand distributors report increases in their business.
The government is to move to a huge new purpose-built complex located directly behind Nyugati (Western) Railway Station, it was announced recently. The project is due to be completed by 2009 and although it is projected to cost 50 billion forints (195 million Euros) the state should save double that by enabling it to sell off existing properties.
This location was chosen ahead of two others, one on the Pest side of Lagymanyosi Bridge and the other near Deli (Southern) Railway Station in Buda. This was principally due to its proximity to Parliament itself and the fact that the State already owns a significant area of the land there. Fears about traffic problems have been allayed by plans for a stop at Nyugati on the planned fifth Metro line.
This news is likely to further stimulate property prices in the downtown areas of the 6th and 13th districts.
This ambitious €67 million project is scheduled for completion by
summer 2008 and will be built on the outskirts of Budapest.
Aquaworld will cover an area of 86,000m2 near a new bridge (Colbert Bridge) on the Danube north of Budapest. It is expected to attract 6,000 guests daily and will give employment to 350 people.
Most of the park will be outdoors, however part of it will be inside which will be covered by a 73 metre diameter and 21 metre high dome. The water park will offer a number of attractions, including 21 pools (with total surface of 3,300 sqm), several slides (with total length of 900 m), a jumping tower, sun terraces, a wave pool and a unique surf pool.
A five-star Ramada hotel with 309 rooms will also be constructed at the site of the park by the Wyndham Group, the company's Vice President Olivier Dupont said. The hotel will also have a conference center suited for 550 people.
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