Cross sections of Váci Corridor are the new potential hub for tenants
While development plots are running out on Váci Corridor, there are new office developments underway on the intersecting streets near the main artery of District 13.
With its record low vacancy rate of 4% and stock reaching a million sq m, Váci Corridor has proven to be not only the biggest, but also the fastest growing office submarket in Budapest over the past years. This and the sustained demand for category A+ office space by corporates in that specific submarket may explain why more developers constantly recognise the potential in new developments on the side streets of Váci road, especially in its central most section. Dózsa György road is probably the most obvious example of this phenomenon with several new office projects announced.
Among these, with its construction having started in 2018, Green Court Office may claim to be in the most advanced stage, to be completed in Q4 2020. The realisation of the project has already commenced with the necessary ground works and the laying of the foundation. In the coming months we may expect the building to gradually emerge and reveal its architectural splendour.
The Green Court Office will complete the multifunctional Green Court complex, initiated with the Green Court Residences in 2017, totalling 275 apartments with several shop units on the ground floor, to be handed over this year. Bordered by four streets, the complex is nestled in a green, quality environment that the planners and designers opted to continue into the very heart of the Green Court project itself. With the handover of the office building a fully developed green environment will welcome the new tenants, including the inner courtyard which is one of the Váci Corridor's most expansive green landscaped gardens of 3,300 sq m.
In order to further emphasise the environmental credentials of the building, Green Court Office will be "green" certified to a BREEAM Excellent rating. It will also feature, besides many other facilities, 100 bicycle racks, shower and changing facilities and several electric car chargers in the basement.
Unique features of the office building are the full height, continuous windows and the private terraces on each floor offering views of the beautiful inner courtyard. The double skin façade creates an acoustical barrier so that the office workers will be isolated from the traffic of the main road, though enjoy the advantages of a major transportation hub.
The project's focal location on the Váci Corridor, high visibility, strong architectural expression and large floorplates make the development an attractive target for corporate tenants. JLL's leasing experts underline that office projects around the area are of significant volume, yet not every side-street offers the opportunity for such a unique development combination. CODIC is among the first to realise a multifunctional complex in this district as a result of the developer's conscious choice.
"We are very pleased to take part in this unique project and contribute to the rise of an important extension of Váci Corridor, to be known as the Cross-Váci Business Area. We foresee the potential in this zone and eagerly promote it, so that future occupants could enjoy the same wide range of amenities and opportunities that the Váci Corridor provides but in a more relaxed and green environment. We understand that liveability and environmentally conscious construction are becoming some of the most decisive factors for medium and large enterprises, such as the new age BSOs when selecting a new location somewhere in the world. Green Court Office is exactly the development that can fulfil these expectations." – added Krisztina Deák Major, Head of Landlord representation at JLL.