CEE developer-investor GTC White House has received planning permission for the development of the Twist, a new office building in the central business district of Budapest.
The new project is located in the 13th district in Budapest, which is rapidly becoming the new business quarter of the capital.
“GTC is taking advantage of the high demand for modern office space in Budapest, and we are proud to be one of the leading developers bringing new high-class office space to the market,” said Thomas Kurzmann, GTC’s CEO. “The Twist with its brilliant architecture on its very unique location will certainly become a landmark building on the business map of Budapest; the construction permit for it is an important milestone of our operations in Hungary.”
The 23-story building will have a gross building area of 452,000 square feet and 398,000 square feet of gross leasable area as well as three underground levels. From the eighth floor up, the structure begins to twist by 1.7 degrees per story.
The developer also has two other projects within the capital. GTC has plans to start work on its Pillar project during the third quarter 2018. The building on Dózsa György street, which was first unveiled at MIPIM, will comprise 321,000 square feet of office space over seven floors and will have parking spaces for 442 vehicles. GTC has also just completed work on the 231,000-square-foot White House office development.
Two new office buildings were delivered to the Budapest office market in the first quarter of 2018, totaling 196,764 square feet, according to The Budapest Research Forum (BRF), which comprises CBRE, Colliers International, Cushman & Wakefield, ESTON International, JLL and Robertson Hungary.
Total demand in the first quarter of 2018 reached 980,592 square feet, representing a 36 percent increase year-on-year. New leases accounted for 59.4 percent of the total leasing activity, while renewals represented a 26.4 percent share. Expansions accounted for 9.5 percent, whereas pre-leases made up the remaining 4.7 percent.
According to the BRF, 139 lease agreements were signed during the first quarter 2018, with an average deal size of 7,000 square feet. BRF registered 24 transactions occupying more than 11,000 square feet of office area split into 13 new transactions, seven renewals, two pre-leases and two expansions.
