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June 12th, 2019

What will be the Next Business District of the Hungarian Capital?

There are huge developments in many parts of Budapest, and the surroundings of Népliget is no exception. This area has a lot of investment potential, and there is no shortage of new projects. In addition to the sports complexes and office buildings to be built, there are plenty of empty sites and abandoned buildings that can be a great investment for developers.

Népliget is located in the junction of district VIII., IX. and X. This area contains finished office buildings, areas to be renovated or already renovated. The current developments can completely transform the neighborhood. One of the most remarkable parts of the project is the improvement of transport, because the developments are meaningless if the area is difficult to access. The tram line 1 is just about to be extended, the southern section of metro line 3 between Nagyvárad Tér and Kőbánya-Kispest was renovated about two months ago. Approximately 46,000 passengers use the public transport facilities of Népliget on a daily basis, based on 2017 data.

The surroundings of Kőbányai út

Among other things, a new Transport Museum is being built on the site of the former Északi Járműjavító (North Vehicle Repair) on Kőbányai út. The tram of the Diesel Hall, which is also a part of the vehicle museum, is well visible from the tram stop. Here, the old hall is partly preserved, and a green park is created within the industrial area. Also on Kőbányai út, the Eiffel Workshop House is under renovation, which will be the new workshop and lecture hall of the Hungarian State Opera House.

New information was published about the exact location of the Budapest arena based on the 2022 Men's Handball Championship. Between Gyáli út and Üllői út there is a hall for 20,000 people, right in the area behind the bus station. The government allocated 3,045 billion HUF to prepare the investment.

Office buildings and new jobs

In addition to the office corridor on Váci út, office buildings are being multiplied in the Hungária körút and in the vicinity of Népliget. These include the 17,000-square-meter K3 office building, also known as the Allianz headquarters, and the Telekom headquarters, which was recently handed over. The Liberty office building will be built in the area at the meeting of Albert Flórián út and Könyves Kálmán körút, which will be handed over in 2021. It will be known as a more than 40,000-square-meter, eight-storey, human-centered office building with a four-storey underground garage and a skybar. In the spirit of environmental awareness, they target BREEAM Excellent qualification.

WING developers explained why three office buildings were built in this area:

“The airport played a decisive role, as Budapest Liszt Ferenc International Airport can be reached by car in 15 minutes, and the area is located at the gate of the city center. One of the focal points of the metropolitan transport fabric is easily accessible by public transport, car and bicycle. There is tram 1 crossing the city, the M3 metro, and the Népliget long-distance bus station and the Ferencváros railway station, which makes it convenient for those arriving from Budapest to work.”

“Every new development is part of the complete rehabilitation of the neighborhood around Népliget and the rebirth of the area. The spread of office buildings in the neighborhood has already laid the foundations for the creation of a new office corridor: the new Hungária-Könyves Kálmán office corridor (Allianz, Gizella, Telekom, Liberty). It is particularly attractive for advanced companies to work in such an environment,” said JLL.

From the tenants' side, this area has a huge advantage over the Váci út office corridor, with a difference of 0.1-1 euros in rental fees.

Gray areas

There are plenty of unoccupied, empty spaces and unused buildings in the area that developers can choose from. At the corner of Könyves Kálmán körút and Vajda Péter utca, the 15-storey Modus office building is one such option. The part between Kőbányai út and Népliget is also crumbling from empty areas. Also in Kőbányai út, in the district VIII., the utilization of the Ganz-MÁVAG area was already mentioned in 2014. The brownfield areas would have been recycled as part of the Thematic Development Program, and this area was added to this list, which was planned to be integrated into the urban fabric by the district government using 3.3 billion HUF. A few years ago Skanska mentioned the plan to develop Scandinavian Gardens, a 60,000 square meters space.






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