A total of 83,000 m[sup]2[/sup] of retail space was completed in Hungary in the first six months of 2009, according to a new research report from adviser DTZ. This brings Hungary’s total modern retail stock to 1.77 million m[sup]2[/sup].
A total of 83,000 m2 of retail space was completed in Hungary in the first six months of 2009, according to a new research report from adviser DTZ. This brings Hungary’s total modern retail stock to 1.77 million m2.
Éanna Maksay, DTZ’s Research Analyst commented: 'In 2009 over 300,000 m2 retail space is due to be delivered to the market. However, I expect that some of these projects will be delayed and delivered only in 2010. While in 2008 regional developments were dominant, 2009 may again be the year of Budapest.' Some 100,000 m2 of retail schemes is expected to be delivered in the Budapest market by Christmas, she added.
Several new brands have announced intentions to enter the Hungarian market, including Peek & Cloppenburg group member Van Graf. Prime shopping centre rental levels in Budapest, Bucharest and Warsaw are roughly 10% lower than prime high-street locations, the adviser said. Prague is the only exception: in the Czech capital, rents in prime high-street locations total EUR 170 per m2/month, exceeding shopping mall rents by 50%.
DTZ was the first property adviser to open an office in Budapest when the company established a presence in Central & Eastern Europe in 1991.
