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NewswireToday - /newswire/ -
Budapest, Hungary, 09/24/2008 - There are encouraging signs in the Hungarian commercial real estate market, and the worst may already be over.
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That’s according to Colliers International Hungary, who have today released their latest market report. The research covers the first half of this year for the Hungarian office, retail and industrial sectors as well as the investment market.
The report, which is available on the Colliers International website, points out that the demand side of the real estate market appears strong. Class A office take up reached 97,400 sqm by the end of June and 188,000 sqm of industrial space was leased in the first 6 months of the year. Supply was also significant with 131,500 sqm of new Class A office spaced delivered in the same period.
Referring to the study, Colliers Hungary’s Managing Director Michael Smithing points out that “the global turmoil has had an impact on the Hungarian real estate market, but the Hungarian economy has overcome the most difficult obstacles. The budget deficit is under control, inflation has been tamed and investment keeps flowing into the country. Most analysts agree that the country’s economic growth will accelerate, unlike the other regional economies. That translates into robust demand for office and industrial space as well as renewed spending, which will prop up demand for retail space. in the short term, 2008/2009, the appropriate management of the supply side will be a critical issue. This is the only way the Hungarian real estate market can pull through the current uncertain period with relatively little loss.”
The report also notes that the Hungarian retail sector is featuring increased spending while the investment market remains frozen.
The complete mid-year market report is accessible free of charge at the website of Colliers International.
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Agency / Source: Colliers International Southeast Europe
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Contact: Christen Thomson - Colliers.com
 christen.thomson[.]colliers.com
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