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A hybrid work model, whereby employees use a combination of in-office and remote days, is increasingly becoming the norm in modern office complexes, writes real estate editor Gary J. Morrell.
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The recently completed 12,500 sqm Academia office redevelopment and renovation project by ConvergenCE and Europa Capital in Pest’ District V is expected to achieve its final Well “Platinum” and “Gold” accreditation this spring. Successful developers now need to meet staff demands along with the additional costs, says real estate editor Gary J. Morrell.
The Budapest office pipeline is low; developers are exercising caution, and new projects are being put on hold given the uncertain economic, geopolitical, and cost environment. However, ongoing schemes are progressing, despite these issues and concerns over letting, office working practices and even how much time is spent in the office.
The office environment, its amenities and location are an intrinsic part of any project concept, design, and leasing strategy. This is in reaction to changing and ever more complex tenant and, in turn, staff demands. Sustainability accreditation from third-party organizations such as Breeam, Leed and Well have a range of requirements that are increasingly the norm for high-end developments and a basic expectation for tenants and staff.
This has been a restrained year for development activity in the office and retail fields. That in the industrial and hotel sectors, however, has been more dynamic. Investment activity has reflected the cautious wait-and-see strategy being adopted by investors towards the Hungarian property markets and, indeed, CEE and Europe as a whole.