Vacant office buildings hold great potential

In the next two or three years, various state and governmental organizations will move out of several downtown buildings, and this will create a new situation in the office market at a time when office use is being completely transformed. The owners have to do something with the freed up hundreds of thousands of square meters of land. On the one hand, this requires financial sacrifices, but at the same time, it is also an opportunity to give a boost to the development of the given property, stated the experts of Newmark VLK Hungary.

They pointed out that a thorough technical survey is necessary as a first step, but of course an assessment of the real estate market situation is also necessary in order to be able to determine the method of subsequent utilization. The office function may remain, but seeing the market, it may arise to convert the property into apartments or a hotel. In Western Europe and the United States there are already examples of both of the latter. There has already been a development in Budapest where an office building partially became a hotel.