December 11th, 2009

Only one-fourth of planned shopping centers in Hungary to be completed by 2011

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Only about one-fourth of the planned shopping centre construction in Hungary is expected to be completed in the next two years as the financial crisis has made liquidity scarce and the economic downturn has reduced consumption, business daily Napi Gazdasag reported on Thursday

Just 90,000 square metres of a planned 350,000 square metres of shopping centre space in the country is set to be completed in the next couple of years, the paper said, citing data from the National Association of Hungarian Shopping Centres.

With the exception of the Corvin Atrium and the Koki Terminal in Budapest, no other projects are getting financing, Erika Pal, of Jones Lang LaSalle, the brokerage for both properties, told the paper. The EUR 210m Corvin Atrium, being built in an area of the capital undergoing a massive rehabilitation, is about half-way completed and is expected to open in 2010. The 56,000-square-metre Koki Terminal will open in the east of the capital in 2011, she said.

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  1. fidel says:
    December 14, 2009 at 10:09 am

    Darn maaan thats just such a friggin shame! Shopping Centers are
    just like bimbo’s; just cant get enough of those!