The Hungarian commercial property market is showing a sharp increase – the Tököl-based Sziget Center shopping mall operated by Futureal doubled the occupation of its rented space over the past two years. The occupancy rate of Futureal Group’s Sziget Center located on the Csepel Island in Budapest has reached 90 percent. Negotiations have already begun between the operator and several international brands regarding the remaining unoccupied space. The first of these contracts is expected to be signed this year.
The shopping mall erected in the south Budapest region, in Tököl in 2009 with 23,000 sqm of leasable space is one of the largest commercial centers of the Csepel Island. The latest tenants include international and domestic chains such C&A, H&M, Jysk, Pepco, Euro Family and Euronics will also join the Center soon. “A euphoric atmosphere has characterized the recent times in the Hungarian commercial property market. As retailers’ revenues have grown, many have also decided to expand. According to the data of commercial property and real estate service advisor CBRE, domestic retail turnover increased by 5,2 percent year-on-year in H1 2016” – said Péter Karai, commercial sales manager of Futureal.
