4.2% 2.3% 4.7% Unemployment rate Q Inflation H GDP Growth Q Retail Sales Q Average gross wage growth Q1 2017

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1 City Report Q2 217

2 4.2% 2.3% 4.7% GDP Growth Q1 217 Inflation H1 217 Unemployment rate Q ,87 3.4% 1.7% Spending power, 215, Warsaw Agglomeration Retail Sales Q1 217 Average gross wage growth Q1 217 Investment market The quarterly transactional activity in Hungary relaxed to some extent compared to the beginning of the year and reached a level of ca. 3 million, indicating a drop of 48% over the same period of 216. Within the total quarterly volume, offices had a share of 62% followed by retail assets with 2% and industrial with 9%. The balance was made of a two assets sold for development purposes. The momentum of Hungarian purchasers persisted as they remained the most active purchaser group generating roughly 8% of the transactions. Out of the three main Hungarian real estate funds, OTP was the most active acquiring assets with a value of ca. 16 million. Notable office transactions of the quarter included the disposal of the 25,2 sq m Nokia Skypark office building by Futureal to OTP Real Estate Fund and the sale of Westend Business Center by Morgan Stanley also to OTP Real Estate Fund. Rozália Park logistics park was sold by Challanger to CPI, who has been in an acquisition mode for many quarters. During the first half of 217, the total transactional activity totalled 756 million, 15% less than the volume recorded in the same period of 216. Nevertheless, based on the current pipeline of deals, we expect the 217 volumes to be 25-3% above the 216 tally and pass the 2 billion level. Yields have compressed in every asset class. Prime offices are at 6.5%, shopping centres are at 6.% and logistics are at 7.75%. As sentiment in the Budapest market is incredibly strong, we expect further yield compression over the next months. COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

3 million Prime yields in Q2 217 Regional investment volumes in H % 6.5% 7.75% 2,5 2, 1,5 1, 5 Shopping Centre Office Industrial Czech Republic Poland Hungary Romania Slovakia Hungary investment volumes 2,,, 1,8,, 1,6,, 1,4,, 1,2,, 1,,, 8,, 6,, 4,, 2,, H1 217 Key investment transactions in H1 217 Investment volumes by asset class in H % 29% 4% 55% Industrial Office Other Retail Sector Property Size (sq m) Seller Buyer Retail Pólus Shopping Centre 4,2 CBRE GI CPI Office Nokia Skypark 25,17 Futureal OTP RE Fund Office Westend Business Center 27,4 Morgan Stanley OTP RE Fund Office Nordic Light 26,2 Skanska ERSTE Real Estate Fund Office Váci Greens C 18,6 Atenor IAD Retail Campona Shopping Centre 4,2 CBRE GI CPI Office Váci Greens B 25,3 Atenor OTP Real Estate Fund COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

4 Quarterly summary No new office buildings were completed in the second quarter of 217, therefore the total Budapest office stock remained unchanged at 3,346, 735 sq m. The size of the Class A stock comprised 2,135,37 sq m, while the Class B stock totalled 1, 211,365 sq m in the Hungarian capital. The vacancy rate has decreased to a record low of 8.6%, indicating a massive, 18 bps decrease year-on-year. Quarterly gross take-up amounted to 98,73 sq m whereas net take-up totalled 6,74 sq m. 38% of the total leasing activity was generated by renewals, followed by new deals with 33%. Pre-leases represented 19% from the total take-up whilst expansions amounted 1%. Prime office rental levels remained unchanged standing at 22 sq m / month. There is ca. 46, sq m of new office space under construction and due by the end of % of this volume is already pre-let. Quarterly net absorption totalled 19,265 sq m in Q2 217 which is in line with previous second quarter results. Stock by asset class and submarket 1,, 8, 6, 4, 2, Volume of Class "B" stock (sq m) Volume of class "A " stock (sq m) Share of Class "A" stock within overall stock (%) 1% 8% 6% 4% 2% % Vacant stock and vacancy rate by submarket 1,5, 35.% 9, 3.% 75, 25.% 6, 2.% 45, 15.% 3, 1.% 15, 5.%.% Vacant stock (sq m) Occupied stock (sq m) Vacancy rate (%) Half-yearly summary In the first half of 217, one new office building was handed over in Budapest. The new 5,5 sq m building of SAP is located in the Buda North submarket in Graphisoft Park. The vacancy rate declined to 8.6% which is the lowest rate ever on record. The highest vacancy rate is still recorded in the Periphery with 33.1%, whilst the lowest figure (3.1%) was registered in the Buda South submarket. Gross take-up amounted 165,72 sq m in the first half of 217 whereas net take-up totalled 115,54 sq m, which is in line with the 1-year average of H1 net take-up volumes. In the first half of 217, a total of 331 deals were registered with an average size of 499 sq m. The highest level of occupational activity was recorded in the Váci Corridor submarket with 3% of the gross take-up, followed by Buda South with 19.5%. The weakest occupational activity was registered in the Pest Non Central submarket with less than 1% of the total leasing activity. COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

5 sq m Number of transactions 4% Take-up by occupier profile in H % 5% 7% 15% 7% 5% 7% 25% 17% Professional Services Public Administration Other Banking & Finance IT & Telecommunication Pharmaceutical & Medical PR & Media Construction, Engineering & Technology Retail & Trading Number of transactions by size in H Average transaction size: 499 sq m Manufacturing & Logistics Size ranges (sq m) Future supply by submarket until , 16, 14, 12, 1, 8, 6, 4, 2, Key leasing transactions in H1 217 Building Size (sq m) Type of transactions Infopark D 7,79 renewal Váci Greens B 5,23 new Átrium Park I-II 6,71 renewal Office Garden III 4,63 pre-lease GTC White House 3,5 pre-lease Átrium Park I-II 3,47 renewal Ecodome 2,88 pre-lease COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

6 Quarterly summary New entrants and openings in the market During the first quarter of 217, the volume of retail sales was 3.4% higher than in the corresponding period of the previous year. AsiaCenter announced it will open new floors for retail activity. Previously more than 4, sq m were reserved for events and exhibitions on the first and second floors in the western wing of the shopping center, this volume will be transformed into retail space during the summer of 217. Rossmann expanded its store in Flórián Shopping Center in Budapest. The refurbished unit became the biggest Rossmann store in Budapest. Duna Plaza shopping centre is under-going a transformation. The refurbishment works started in June and expected to last by the end of August. A new, openair Costa Coffee unit and a spacious event and promotion square will be created on the first floor of the shopping mall. Marks&Spencer and GAP started the closure of their Hungarian shops, both companies will exit from the Hungarian market by the end of 217. Distribution of retail sales by main groups of commodities (%) in Q % 4% 35% 3% 25% 2% 15% 1% 5% % Chinese electronics company Xiaomi announced that it will start the distribution of its telecommunication products in Europe. The first shops will be opened in CEE countries including Hungary, Poland, and the Czech Republic. Max&Co. opened their new shop in Andrássy Street. The Italian fashion brand currently has two stores in Hungary, the first asset was opened last year in MOM Park. UK-based fragrance designer Jo Malone is expected to open its first Hungarian store in the ground floor retail unit of The Ritz-Carlton Budapest during the second half of 217. Ikea opened its biggest Hungarian store in Soroksár. The 34, sq m asset is the third Ikea in Hungary. Source: Hungarian Central Statistics Office COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

7 % Stock: 771, 5 sq m Duna Plaza Pólus Center Mamut I-II Westend City Center Récsei Center Sugár Europeum Hegyvidék Arena Plaza ÁRKÁD-Budapest Number of centres: 25 MOM Park Allee Lurdy Ház Corvin & Promenade Shopmark KÖKI Terminal No buildings under construction Campona Net real wages growth in Q1 217 (y-o-y) Shopping centre stock in European countries (sq m) Slovakia Hungary Ireland Finland Romania Sweden Poland Turkey Spain Germany Italy France United Kingdom Russian Federation 1,, 2,, Source: Hungarian Central Statistics Office COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

8 Quarterly summary In the second quarter of 217, two buildings were added to the industrial stock. BILK Logistics Park was expanded by a 8,79 sq m new building. Furthermore an existing, fully-let 11,59 sq m warehouse was added to the stock, after being acquired by M7 Real Estate. The modern industrial stock in the Greater Budapest market stands at 1,953,79 sq m. The vacancy rate declined by 33 bps q-o-q reaching a record low of 5.5% at the end of Q The total leasing activity amounted to 212,75 sq m in Q2 217, which is the highest quarterly volume ever on record. Net take-up totalled 52,9 sq m, reflecting a 64% increase on the same period of 216 (32,35 sq m). Renewals accounted for 75% of the total take-up, followed by new lease agreements with 19%. Pre-leases represented 5% of the total take-up whereas the remaining 1% was generated by expansions. 98.5% of the leasing activity was recorded in logistics parks, and only 1.5% was registered in city logistics schemes. Quarterly net absorption remained in positive territory reaching 27,3 sq m. Industrial stock and vacancy by submarkets 75, 6, 45, 3, 15, South West East Airport North Inner city Occupied stock (sq m) Vacant stock (sq m) Vacancy rate (%) 25% 2% 15% 1% 5% % Volume under construction : 69,72 sq m Average transaction size: 5,83 sq m Half-yearly summary Total stock: 1.95 mil. sq m Largest transaction: 95, sq m, renewal In the first half of 217, five developments were added to the modern industrial stock comprising 49,2 sq m. Out of them, four were new built-to-suit developments totaling 4,32 sq m. The vacancy rate decreased by a massive 42 bps. year-on-year. The half-yearly total leasing activity reached a record high volume with 284,36 sq m. Net take-up totalled 99,79 sq m, reflecting a 57% increase on the same period of 216 (63,62 sq m). During the first half of the year, 5 lease agreements were registered with an average transaction size of 5,83 sq m. The largest transaction of the period was a renewal signed in BILK Logistics Park for 95, sq m. Ca. 69,72 sq m is under construction in the Greater Budapest industrial market, out of which the construction of 36,33 sq m was launched on a speculative basis. COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

9 sq m sq m Type of take-up by submarkets Distribution of gross take-up by submarkets in H , 16, % % 14, 12, 12% 2% 1, 8, 6, 4, 2, 26% 6% Airport Inner city North South East West New Expansion Renewal Prelease Airport Inner city North South East West Key Transactions in H1 217 Volume of warehouses under construction by submarkets Property Size (sq m) Type of transaction BILK 95, renewal Prologis Park Budapest-Gyál 2,75 renewal 5, 4, 3, 2, Prologis Park Budapest-Gyál 19,58 renewal 1, Prologis Harbor Park 13,64 new West South North East Airport Inner city COPYRIGHT JONES LANG LASALLE IP, INC. 217 Budapest City Report Q2 217

10 Contacts Rita Tuza Head of Research rita.tuza@eu.jll.com Ferenc Furulyás Managing Director ferenc.furulyas@eu.jll.com JLL Office Szabadság tér Budapest Hungary Phone number Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.

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