The impact of COVID-19 on Budapest’s office market : The key to successful transformation from development and operational perspectives

Absztrakt (kivonat)

The longer the current pandemic persists, the more likely real estate leaders have to face transformative and lasting changes in Budapest`s office landscape. Instead of the one action fits all tenants approach, office developers, owners, and operators need to take fact-based and stakeholder-centric steps in order to go beyond just adapting and strengthen their position in this dynamically ever-changing environment. The thesis has been built on two fundamental objectives. On one hand, the practical observation of the major component factors of the Dynamic Capabilities framework within Organizational Theory, namely absorptive, adaptive, and innovative capabilities. On the other hand, the analysis of the workplace ecosystem`s stakeholder landscape through the lens of Mitchel et. al`s Salience Model. The 5 interviews conducted with the owners and C-level executives of Hungary`s leading real estate developers, investors and operators underpin the hypotheses. The findings also reveal that those organizations that can ground the building blocks of successful transformation in light of COVID-driven challenges, will be able to attain competitive advantage in their operational activities and thus establish the foundation of superior organizational performance in the post-pandemic era.