Resounding Successes in Budapest office Market

TATA Consultancy Services (TCS) has signed a lease agreement for two floors (4,400 sq m) in Office Garden II, Budapest – represented by GVA Robertson.

TCS, a member of the Tata group, is a world leading IT consulting and outsourcing organization which established its first centre in Europe, by setting up office in Budapest in 2001.  Currently, some 700 TCS consultants provide professional services in  25 languages  to their clients across the globe, working from the Budapest office.  

“Our company is continuously developing and in keeping with this growth , TCS has decided to expand its current office space. ” says  Dinesh Parameswaran Thampi,  Head of Budapest Delivery Center.

Office Garden   is Budapest’s continuously developing office park:  the occupancy of the first phase is  75 %, whilst Office Garden II has reached 40 % occupancy: it has one of the highest occupancy rates among the office buildings completed this year.  The construction of the third phase is expected to start in spring 2011.  The success of the office park is attributable to elaborate planning, high quality technical specifications,  green surroundings and permanently developing services.  

” I think this transaction is a milestone in the office market in two respects. Since, on one hand ,  it means a significant volume of net  ’ take-up’, which  reduces vacancy rates ¬ –   and this is highly important , because renewals and moves from one building to another dominated lease transactions in the last two quarters. It also has a positive influence on developers  and investors how they assess office market.On the other hand the 40 % leased area in the month of hand-over in this difficult leasing market  is an outstanding result for  the second phase of Office Garden.

Office Garden, with several well-known companies among its tenants (Philips, Hewlett-Packard, Syngenta), has already proven that it meets the highest quality requirements. Based on the present negotiations we believe that the occupancy of the office building wil reach 80-90 % occupancy at the end of the year. ” comments Róbert Tilki, managing director of GVA Robertson.

The developer of the office park laid great emphasis on the usage of environmentally-conscious technologies. The 0.00 g/year CO2 emission results in a 30% lower operational cost for the occupiers due to the unique energy saving technologies. The building receives high-voltage current, which results in a 25% saving compared to buildings using traditional methods.  There is a great number of parking places both for cars and for bicycles. The green surroundings, the restaurant and the cafe in the office park, the nearby shopping centre and services contribute to the high standard work environment.

“We are glad that the leasing of the first two phases have been successful. This is a positive feed-back for us : it is worth building environmentally friendly buildings using high quality materials and state-of-the-art technology. We are planning to obtain  GreenBuilding certificate  for  the third phase, since sustainable buildings are preferred both by  occupiers and investors. ” comments Ignác Torma,  General Manager of GRT Group which developed Office Garden.