After graduating from Harrow High School in Ontario, Canada, Gereben studied hotel and commercial real estate management at the College of Commerce and Economy. He did his master’s degree at the University of Pécs, specializing in management consulting. He is a member of the Royal Institution of Chartered Surveyors. He is married and has two children. His interests include sailing and family activities.
“Space will still be needed, but with an altered focus, and this will be centered around flexibility, community and well-being. Office owners will have to transform from providers of commercial space to full-scope service providers where the space itself is only one element of the overall package.”
WHAT IS THE MOST PRESSING CONCERN FOR THE INDUSTRY IN 2024?
Keeping the existing tenants and attracting new ones. We experience a trend in both the retail and office sectors, where there is hesitation amongst tenants to enter into new commercial leases. In retail, this is true mainly of the shopping centers; retail parks are still popular. In the office sector, the proportion of new searches has seemingly dropped compared to previous years, and comprehensive services have to be provided by the Landlord in order to keep existing tenants.
WHAT WILL BE THE MOST PRESSING CONCERN IN FIVE YEARS?
It is already visible that a future-proof sustainability strategy is a must to survive long term. Whoever is conscious enough to invest in this segment will come out as a big winner in the mid-term.
THE GOVERNMENT HAS ANNOUNCED A TWO-YEAR EXTENSION OF THE 5% VAT RATE FOR NEW HOME BUILDING. WHAT SORT OF GOVERNMENT SUPPORT DOES THE COMMERCIAL SECTOR NEED?
The most significant support the state could offer the commercial real estate sector would be if governmental institutions were allowed to continue their tenancy in private sector office buildings and refrain from relocating into a lower-quality but government-owned portfolio.
IS REAL ESTATE ON COURSE TO HIT EU AND HUNGARIAN ESG TARGETS? HOW DO YOU SEE THIS TREND DEVELOPING?
It is far behind! While no sensible regulation exists on the domestic level, there will be little progress in this field. Of course, many real estate owners have realized they have to take steps to be compatible with ESG standards, but most still follow a reactive and not a proactive pattern. CPI introduced a sustainability framework five years ago and is following a very tight action plan to hit foreseeable targets, so I believe we are ahead of the competition in this regard.
GIVEN THE GROWTH OF HOME OFFICE EXPECTATIONS, WHAT DO YOU SEE AS THE FUTURE OF THE OFFICE BUILDING?
Space will still be needed, but with an altered focus, and this will be centered around flexibility, community and well-being. Office owners will have to transform from providers of commercial space to full-scope service providers where the space itself is only one element of the overall package.
WHAT DO YOU SEE AS THE FUTURE FOR RETAIL DEVELOPMENT IN HUNGARY? WILL THERE BE ANOTHER MALL IN THE NEXT 5-10 YEARS?
I do not think so, though there is a chance for a few retail park developments in less saturated areas of the country.
