Over on Caboodle.hu you can read about today’s opening of the new Allee mall, which was built over the remains of the historic Buda Skála, the biggest shopping center in Communist-era Budapest. According to the developer, the 46,000 sqm of retail space is fully let, and 80% of the around 90 flats in the place sold. Meanwhile, only around only 20% of the 7,000 sqm of office space in the complex is under contract.
Not surprising, but still an interesting sign that there is still some demand for high-quality retail and residential space on the Buda side, and basically no demand for new office space anywhere, if not a confirmation of our long-held suspicion that the up-market denizens of Budapest’s tonier quarter spend more time shopping than working.