a&o Hotels and Hostels, one of the largest European hostel companies is about to establish a strong presence in Budapest, according to Péter Takács, Partner of VLK Cresa, who said that the chain’s 114-room, 412-bed hostel is scheduled to open in the city center of Budapest in March 2020 in district seven Csengery street. One or two months of delay could be possible due to the current lack of local construction capacity, but it is certainly not holding back the company from building out a strong presence in the longer term, planning with up to one thousand beds in the Hungarian capital. Their first property is owned by a&o, future properties will most likely be operated on a lease basis. To find out more click HERE 

There is a rapidly spreading new buzz on the real estate market: proptech. The Budapest Proptech Forum conference had a high interest which proves that we have to seriously consider this subject. The CRESA leaders participated at the conference and they reflect on this topic. How much does the market understand what proptech is? Valter Kalaus: This is a hot topic now for tenants, developers and landlords. Everybody is trying to understand what it means exactly for them, when and how much it would influence and change their areas in the near future. For most is not crystal clear yet what kind of applications and new technology-driven solutions exist and how these could benefit them. The conference provided a platform to discuss these topics and the various different views. How Cresa can help clients with proptech? Valter Kalaus: At Cresa we are prepared for

Europe’s largest hostel chain a&o is set to open its first property in Budapest. The company has been searching for suitable properties for a year and found the right building in the vibrant part of district 7, with the help of Cresa.

Built in the early 20th century the building was previously used for residential, office and lately student housing purposes and is now being transformed into a fully refurbished hostel featuring 108 rooms with 412 beds, attracting tourists looking for lower budget, but quality accommodation. The hostel with feature family and dorm rooms and is expected to open in Q3 2019.

Our latest expert article - that we made together with MN6 energy agency - about the WELL office concept was published in BBJ. The article focuses on a number of up-to-date and interesting issues about the WELL office concept. The article points out, among other things, what benefits a WELL agency offers to companies, how much it would cost to obtain such a qualification, and which office buildings in Budapest have received the WELL pre-qualification.

  Our colleagues are not only masters of the real estate market, but have a great talent for water sports as well. Our market experts performed fabulously at the recently ending 17th FINA Master World Championships swimming events and water polo games. Managing Director, Valter Kalaus reached stunning results in the 45-49 age group, collecting 7 medals and new records. Senior Project Manager, Miklós Tóth-Deme finished in 4th place in the 40+ category with his water polo team, Oázis SC. Valter Kalaus decided just one year ago to enter the FINA Masters Championships’ swimming events, recently organized in Budapest. The Seoul Olympics participant and former junior European champion prepared for the games with steadfast determination, which brought incredible results: he collected seven medals from all seven events. Kalaus performed with such skillful ease, reaching records - 100 m freestyle world record, 200

From a landlord’s perspective, shared service centers make near perfect tenants given their demand for large floorplates and typically long-lease periods. That makes it all the more important SSCs have good representation when looking for a property, says Valter Kalaus of tenant representation specialists VLK Cresa. Hungary has become a preferred location for SSC largely because of labor costs, Kalaus says, and a ready availability of young people with good language skills, especially beyond the relatively common German or English. And if SSCs like Hungary, landlords in Hungary certainly like SSCs. “With average leases between three and five years, SSCs tend to sign for a longer-term,” Kalaus explains. “The amount of IT infrastructure they put in makes them less likely to move, and that gives a feeling of greater comfort to the landlord.” The sector also represents a sizeable share of the overall office