Published on and written by Cyril Jarnias
Hungary, with its strategic position in the heart of Central Europe and its dynamic economy, is attracting more and more foreign companies looking to establish themselves in the region. Whether you’re looking for an office, commercial space, or warehouse, here is a comprehensive guide to help you find the ideal location for your business in Hungary.
Keys to Finding the Perfect Location in Hungary
To find a space suited to your business in Hungary, several options are available to you:
- Hire real estate agencies specializing in commercial property
- Consult online real estate listing sites
- Contact property owners or managers of business parks and centers directly
- Seek help from local chambers of commerce or the Hungarian Investment Promotion Agency
- Scout on-site in areas of interest
It is recommended to clearly define your criteria beforehand: required space, budget, desired location, access to transportation, etc. This will allow you to target your search more effectively.
Key Players in Hungarian Commercial Real Estate
Several renowned real estate agencies are present in the Hungarian market and can assist you in your search:
- CBRE Hungary
- Cushman & Wakefield Hungary
- JLL Hungary
- Colliers International Hungary
- Eston International
These agencies have in-depth knowledge of the local market and a wide portfolio of rental properties. They can advise you on the best opportunities based on your specific needs.
The Winning File: Essential Documents for Renting
To rent a commercial space in Hungary, you will generally need to provide the following documents:
- Company extract from the commercial register
- Company statutes
- Financial statements from recent years
- Bank references
- Business plan, especially for new companies
- Identification of the legal representative
It is advisable to have these documents translated into Hungarian or English to facilitate dealings with local owners and agencies.
Rental Costs: What You Need to Know
Rental prices vary considerably depending on location, type, and quality of the property. As a guide:
- High-end offices in Budapest: €15-25/m²/month
- Commercial spaces in city centers: €50-100/m²/month
- Logistics warehouses: €4-6/m²/month
In addition to rent, expect charges that typically include maintenance of common areas, security, and sometimes utilities. A security deposit equivalent to 2-3 months’ rent is often required.
Don’t forget to negotiate lease terms, especially the commitment period and possibilities for early termination.
Hungarian Cities Offering the Best Value for Money
While Budapest remains the preferred destination for foreign companies, other Hungarian cities offer interesting opportunities at more affordable costs:
- Debrecen: the country’s second-largest city, experiencing rapid economic development
- Győr: a major industrial hub, particularly in the automotive sector
- Szeged: a booming university and technological center
- Pécs: a cultural city with an attractive cost of living
- Székesfehérvár: a strategically located logistics hub
These cities have modern infrastructure and a skilled workforce, while offering more competitive rents than Budapest.
Hungarian Government Support to Facilitate Your Establishment
The Hungarian government has implemented several measures to attract foreign investors:
- Grants for establishment in certain priority regions
- Temporary tax exemptions for job-creating businesses
- Vocational training assistance
- Financial support for purchasing industrial land
The Hungarian Investment Promotion Agency (HIPA) is your primary contact to benefit from these aids. It can also help you identify real estate opportunities that match your project.
Good to Know:
Some municipalities offer additional local incentives, such as property tax reductions or preferential land prices. Don’t hesitate to inquire with the local authorities of cities that interest you.
Finding the ideal location for your business in Hungary requires good preparation and engaging the right contacts. By following these tips and getting assistance from experienced professionals, you’ll maximize your chances of finding the perfect spot to develop your business in this dynamic country at the heart of Europe.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
