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Urban Hierarchy in the Budapest Metropolitan Area

In: European Metropolitan Commercial Real Estate Markets

Author

Listed:
  • Áron Horváth

    (ELTINGA Centre for Real Estate Research
    Hungarian Academy of Sciences)

  • Gábor Soóki-Tóth

    (CBS Property Zrt)

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.

Suggested Citation

  • Áron Horváth & Gábor Soóki-Tóth, 2014. "Urban Hierarchy in the Budapest Metropolitan Area," Advances in Spatial Science, in: Ed F. Nozeman & Arno J. Van der Vlist (ed.), European Metropolitan Commercial Real Estate Markets, edition 127, chapter 0, pages 163-196, Springer.
    • Handle: RePEc:spr:adspcp:978-3-642-37852-2_7
    DOI: 10.1007/978-3-642-37852-2_7
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