Property
DTZ sees colossal office developments in Budapest
DTZ estimates in the Skyline Tracker Budapest report that around 1.8 million sqm of office space is planned for development, with varying degrees of likelihood of being delivered between July 2009 and 2012.
Projects with a total gross development volume of 485,000 sqm, comprising 37 schemes, are currently under construction, with the remaining 1.3 million sqm, comprising 74 projects, still in the planning stage.
About 70% of projects in the initial planning phase are located in non-central or peripheral areas of the Budapest office market, with South Pest and the Outer Ring alone accounting for roughly 30% of the total.
Of the 485,000 sqm of office space currently under construction in Budapest, 17% is located in the CBD, Inner Pest and Central Buda sub-markets, with an additional 17% in the Váci út corridor. The remaining projects are located in non-central areas of the market. South Pest, South Buda and the Outer Ring account for 41% of developments under construction.
DTZ's site inspections of office projects under construction in Budapest reveal that 39% are in the skeleton-frame stage. A further 23% have progressed to the wind and watertight stage. The remaining 38% are undergoing internal works.
DTZ's site inspections, which use a construction stage-weighted methodology to assess the level of individual project completion, reveal that office projects in the construction phase in Budapest have reached an average completion level of 55%.
Among Budapest's main sub-markets, construction works are the most advanced in central locations. Progress is less advanced in non-central locations of the market.About Skyline Tracker Budapest
As part of a new quarterly series of research reports on the main capital cities of CEE, DTZ has just launched the Skyline Tracker Budapest, “the first definitive and comprehensive analysis of office development pipelines in CEE."
“As the office market has become more difficult to interpret, with market disinformation circulating regarding planned completions, DTZ believes there is a premium on a clear, systematic approach to understanding the supply pipelines in the region's main office markets," it said in a statement.
“DTZ's Skyline Tracker adopts a strict empirical approach to monitoring the development status of all office projects in the pipeline, from initial proposals to those at an advanced stage of construction. Based on measurable and objective criteria, including regular site inspections with photographic records, the Skyline Tracker sorts schemes according to their maturity in the development process, set against project planning permission and target completion date."
Projects with a total gross development volume of 485,000 sqm, comprising 37 schemes, are currently under construction, with the remaining 1.3 million sqm, comprising 74 projects, still in the planning stage.
About 70% of projects in the initial planning phase are located in non-central or peripheral areas of the Budapest office market, with South Pest and the Outer Ring alone accounting for roughly 30% of the total.
Of the 485,000 sqm of office space currently under construction in Budapest, 17% is located in the CBD, Inner Pest and Central Buda sub-markets, with an additional 17% in the Váci út corridor. The remaining projects are located in non-central areas of the market. South Pest, South Buda and the Outer Ring account for 41% of developments under construction.
DTZ's site inspections of office projects under construction in Budapest reveal that 39% are in the skeleton-frame stage. A further 23% have progressed to the wind and watertight stage. The remaining 38% are undergoing internal works.
DTZ's site inspections, which use a construction stage-weighted methodology to assess the level of individual project completion, reveal that office projects in the construction phase in Budapest have reached an average completion level of 55%.
Among Budapest's main sub-markets, construction works are the most advanced in central locations. Progress is less advanced in non-central locations of the market.About Skyline Tracker Budapest
As part of a new quarterly series of research reports on the main capital cities of CEE, DTZ has just launched the Skyline Tracker Budapest, “the first definitive and comprehensive analysis of office development pipelines in CEE."
“As the office market has become more difficult to interpret, with market disinformation circulating regarding planned completions, DTZ believes there is a premium on a clear, systematic approach to understanding the supply pipelines in the region's main office markets," it said in a statement.
“DTZ's Skyline Tracker adopts a strict empirical approach to monitoring the development status of all office projects in the pipeline, from initial proposals to those at an advanced stage of construction. Based on measurable and objective criteria, including regular site inspections with photographic records, the Skyline Tracker sorts schemes according to their maturity in the development process, set against project planning permission and target completion date."
