Abstract
Budapest is an interesting showcase of changing urban patterns for several reasons. Firstly, Budapest’s geographical characteristics—the hilly Buda side and the flat Pest side—have always influenced spatial patterns. Secondly, after the collapse of the socialist regime in 1989, major changes took place: not simply new firms, but whole new sectors settled in the Hungarian capital. And thirdly, the slow and segmented change in regulation affected the construction of new real estate.
In this chapter, the effects of these changes on the retail and the office sector are presented. In the case of retail, the absence of modern retail space offered large opportunities for developers, and the supply of modern retail space has grown continuously over the past two decades. The chapter describes the process of conversion to the widespread construction of hypermarkets. In the case of the office sector, we describe the formation of sub-centres on the Budapest office market and the associated changes in the urban hierarchy.
Information from, Budapest Research Forum, CBRE, Colliers, Ecorys and Nielsen databanks has been disclosed at our request.
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Notes
- 1.
Vacancy rate indications need some clarification since there is a lack of a detailed database on older stock and on the owner-occupier sector, which adds approximately another 650–700,000 m2 to the 2.3 million m2 of modern space.
- 2.
HUF is the abbreviation for the Hungarian forint
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Acknowledgement
We would like to thank the following people for their contribution: Pál Baross for the opportunity and the support. Gábor Borbély (CBRE), Krisztián Karácsony (Ecorys), Éanna Maksay (DTZ), Gergely Répássy (EBuild) for indispensable data.
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Horváth, Á., Soóki-Tóth, G. (2014). Urban Hierarchy in the Budapest Metropolitan Area. In: Nozeman, E., Van der Vlist, A. (eds) European Metropolitan Commercial Real Estate Markets. Advances in Spatial Science. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-37852-2_7
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DOI: https://doi.org/10.1007/978-3-642-37852-2_7
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