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Service Charge R E P O R T

H U N G A R Y

Operating expenses in office buildings SERVICE CHARGE REPORT

2026

Contents 01

Introduction Office Market

in average 06 Change SC rates

Changes in operating costs

03 Tenant Expectations

for changes in 08 Reasons SC rates

04 Budgets

regulations 09 ESG in commercial buildings

of 05 Components Service Charge

HH AA RR GG E ER R EE PP OO RR T T | | 2026 S E R V I C E SC C 2026

Audit of Service Charges

Introduction Over recent years, Budapest office service charge costs have been shaped by rising energy and labour costs and inflation. At the same time, the focus of building operations has increasingly shifted towards energy efficiency, sustainability, digitalisation and higher service standards, while cost optimisation remains a key priority for owners and tenants alike. With cost growth now moderating and service charge levels showing greater stability, the market is becoming more predictable, although energy prices, labour costs and evolving ESG requirements continue to present challenges for the year ahead. How far can service charge optimisation go before cost savings begin to compromise service quality – and what strategies can owners use to maximise rental income while keeping the total occupancy cost competitive? Colliers’ latest study reviews 2025 cost levels and budgeting trends for 2026 for Budapest office buildings.

Let's check out what's new in office building service charges in Budapest. SERVICE CHARGE REPORT

2026

Office Real Estate Market Against this broader macroeconomic backdrop, the next step is to examine how these market forces are translating into the dynamics of the Budapest office real estate market, shaping demand, supply, occupier expectations and the competitiveness of office assets. As of H1 2026, the total modern office stock in Budapest remained broadly stable at around 4.5 million sqm, including approximately 3.5 million sqm of speculative office space and 1 million sqm of owner-occupied stock. Overall tenant activity increased only marginally in H1 2026, with total leasing volume rising by just 1% year-onyear to 215,042 sqm. In contrast, net take-up declined by 42.9% to 57,644 sqm, highlighting the continued weakness of new occupier demand. Lease renewals accounted for 53.3% of total transactions, while the share of net take-up fell to 26.8%.The overall vacancy rate increased marginally by 0.14 percentage points quarteron-quarter to 12.2% in Q2 2026, mainly due to negative net absorption. However, vacancy remained below the level recorded a year earlier. Speculative vacancy stood at 15.7%, reflecting a broadly stabilising market, although significant differences remain between prime locations and older or less competitive buildings.

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Developers remain cautious, with new office deliveries largely limited to pre-leased or owner-occupied projects rather than speculative developments. This continues to constrain the supply of modern, high-quality office space in prime locations and supports pipeline rents of EUR 22– 23/sqm/month. Older office stock is increasingly being repositioned to meet changing occupier requirements and stricter sustainability standards, while functionally obsolete assets are being considered for conversion to alternative uses.

Looking forward, the role of the office is not disappearing but evolving.

Rental levels remained broadly stable, with prime headline rents standing at EUR 25.5/sqm/month. Average asking rents reached EUR 17.1/sqm/month for Category A buildings and EUR 13.1/sqm/month for Category B stock, highlighting the continued premium for modern, energyefficient and ESG-compliant office space. Looking forward, the role of the office is continuing to evolve. Hybrid working models remain prevalent, but occupier demand is increasingly focused on high-quality, collaborative and amenity-rich environments. Demand continues to benefit from new market entrants and the expansion of the BSC sector, particularly in higher valueadded technology, R&D and knowledge-intensive functions.

Tenants expectations Tenant awareness and focus are increasingly on service charges Tenants want to have control over certain elements of operating costs; in addition to plannability and predictability, transparency is also important to them. •

Proper and transparent service charge reconciliation comparable to previous years.

•

Justification on actual costs

•

Accurate and justified SC advance payment level for next year

•

Rate of utility fees

•

Measures taken by management for (energy) efficiency

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Tenants expectations Office buildings must be safe, well maintained, green, and inviting to their users. Office building landlords and managers must constantly adapt to changing realities to attract and retain tenants. Tenants want to have control over certain elements of operating costs; in addition to plannability and predictability, transparency is also important to them. •

Community programs

•

Enhancing user experience

•

Cooperation between management and tenants

•

Low/market level costs

•

Problem solving attitude

•

Environment-friendly solutions

•

Green utility resources

•

Energy efficiency

•

Proper data delivery regarding the

•

Predictable costs for good planning

building and leased area

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Can Service Charge be further optimized without impacting tenant comfort? The potential for further optimisation of operating costs in well-managed office buildings is limited unless a reduction in tenant comfort is accepted. In properties where the BMS and consumption levels have already been aligned with tenant requirements and lease obligations, additional savings can generally only be achieved through measures that affect comfort levels. A clear example was the energy crisis linked to the temporary reduction in output at the Paks Nuclear Power Plant, when many properties were required, or voluntarily chose, to introduce energy-saving measures. In such cases, Building Management System (BMS) settings that had already been optimised by responsible facility management could not be tightened further without impacting tenant comfort.

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Additional reductions were only possible through agreed comfort adjustments, such as delaying the start-up and advancing the shutdown of central HVAC systems, or increasing supply air temperature setpoints. Beyond these measures, further energy savings largely depend on changes in tenant behaviour, including reduced use of electric vehicle charging stations, switching off non-essential equipment such as digital advertising displays, and accepting higher temperature settings within leased office spaces. Consequently, meaningful additional cost reductions are increasingly reliant on tenant participation rather than further technical optimisation.

Budgets: predicting the unpredictable 1. Due to increasingly unpredictable weather patterns, including extremely cold winters and hot, highly variable summers, it is challenging to accurately forecast heating, cooling, and irrigation water costs. Snow removal expenses also depend on the number of snowfall days, which remains difficult to predict with precision in advance

Fun Fact Did you know? For service charge budgets prepared between September and November, many of the key assumptions required for annual planning are still based on estimates. These include factors such as future inflation rates, EUR/HUF exchange rate, weather conditions, and, in the case of new or prospective tenants, occupancy patterns, operational requirements, and consumption habits that have not yet been established

2. For ageing office building stock, particularly properties that have exceeded their warranty period, maintenance and repair costs can be difficult to predict, even when equipment is properly maintained. In many older buildings, certain spare parts are no longer manufactured, making their procurement challenging, timeconsuming, and costly. 3. Additional tenant requirements and services arising during the year, after the budgeting period, such as newly installed shower facilities, enhanced amenities in communal areas, or electric vehicle charging stations, may generate unforeseen operational costs that are subsequently reflected in service charge reconciliations

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Components of Service Charges Utility – is one of the main categories of operating costs, consisting of electricity distribution and sales, water supply and sewage disposal, as well as heating (district or gas heating). The share of utilities in the total operational budget in 2025 was still significant, but showed lower percentage overall. In some cases, lower SC is only an apparent result of the trend that some of the typical SC items such as heating and cooling costs are rebilled separately to the tenants.

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Cleaning – cleaning costs are related to common areas such as lobby, elevator, garage, facade, hygiene materials, mats hire etc. Depending on the design of the building the cleaning costs are higher if the wet blocks are located in the common area, or if the building has a huge garage. A double glased window facade is also significantly more expensive to clean. Based on this characteristics cleaning costs represent ~10% of the total cost.

Components of Service Charges Main building services – related to the property such as maintenance, security, and reception, as well as cleaning and landscaping.

It should be noted that the largest component of this cost is staff salaries for the services provided. As a result, recently more and more service providers have been using so-called „smart solutions” that allow for the reduction of full-time positions or changes in staff duties to optimize costs (e.g. e-reception, automation of property entrances and parking space management systems and even

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cleaning robots). We assume that thanks to technological developments, activities that do not require the physical presence of a human being will continue to undergo automation, which may contribute to lower operating costs and/or higher service level for the same costs. Others – other costs necessary to maintain the property, e.g. the cost of fire protection, repair costs, spare parts, insurance, and building management costs. Also building-specific costs such as shuttle bus services.

Change in average Service Charge rates Colliers conducted an analysis of category A office builidings regarding the rate of service charges in 2022, 2023, 2024, 2025 and (budget) 2026. The study Budapest.

considered

buildings

located

2026

2022 2023 2024 2025 2026 budget HUF/sqm/mth HUF/sqm/mth HUF/sqm/mth HUF/sqm/mth HUF/sqm/mth

The analysis revealed that the average increase in the rate of service charges in the examined office buildings was about 2% compared to 2024.

SERVICE CHARGE REPORT

SUMMARY OF AVERAGE SERVIC E CHARGE RATES

Average

1750

2250

2500

2550

2780

Change in SC Rate 2024/2025

Change in SC Rate 2025/2026 b

+2%

+9% Source: Colliers

Changes in operating costs

Unabated increase in cleaning costs. In the market for cleaning chemicals and equipment, prices have increased due to increased demand and rising raw material costs. Demand for sustainable and environmentally friendly products has also contributed to higher costs.

CHANGE IN A V E R A GE SERVIC E CHARGE RATES IN THE ANALYZED PORTFOLIO Change in SC Change in SC Rate Rate 2024/2025 2025/2026 b

2024 HUF/sqm

2025 HUF/sqm

2026 (budget) HUF/sqm

Cleaning

163

268

282

+64%

+5%

Technical maintenance

755

605

717

-20%

+19%

Security

351

268

298

-24%

+11%

Utility

812

531

596

-35%

+12%

Taxes and public fees

296

402

439

+36%

+9%

Cost category

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The increase in maintenance costs is caused by several factors. While the increase in labor costs has a constant impact on costs, the aging building stock incurs more repair costs, while in the case of new buildings, technological solutions make operation more expensive. While hourly security fees continue to rise, optimized staffing can help keep costs down. However, the costs of replacement solutions increase maintenance and licence costs, so overall price increases are inevitable.

The minimum wage this year has increased by 9% again, and the guaranteed minimum wage by 7% which had a direct impact primarily on the costs of security (including reception), maintenance and cleaning staff. Rates for technical maintenace include cost of staff as well as consumables and repair expenses. Optimizing the services by reducing service levels or replacing expensive solutions to more beneficial such as using cleaning robots, replacing security guards with automatic entry systems, parking space management systems lower the service charge costs in overall significantly. This requires the close cooperation with the tenants, involving them is more and more crucial since tenant behaviour does have a huge effect on the service charge costs.

Are costs still rising and why? In 2025, compared with the past three years, we expect a noticeable deceleration in cost growth— or a stabilization at around the average annual consumer price index (CPI) level, which stood at 4.4 % in 2025, down sharply from 17.6 % in 2023 and 14.5 % in 2022. For services such as security or cleaning, cost increases may align with the rise in the minimum wage. The statutory minimum wage increased by 15% in 2024, followed by increases of 9% in 2025 and 11% in 2026, while the guaranteed minimum wage for skilled workers grew by 7% in 2026, as in 2025 and 10% in 2024.

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In terms of rents paid and converted from EUR, the annual HICP for 2025 was 2.5% for the European Union countries and 2.1% for the Eurozone.

The guaranteed minimum wage for skilled workers grew by 7 % in 2026

The above-mentioned indicators continue to influence the prices of goods and services, which in turn shape operating fees. While these factors still drive cost growth, their relative impact has shifted, leading to more moderate increases. However, the fact that costs are no longer rising as steeply as in recent years, does not mean that service charges are rising due to optimization processes in general.

Where to expect cost increases? In addition to inflation, the primary contributors to changes in service charge levels are increases in labor and material cost. The 2026 budgets were prepared taking into account projected inflation trends and anticipated minimum wage increases. Despite growing awareness, conscious energy use and continuous optimisation efforts, overall energy demand continues to increase, adding further pressure to utility budgets. Below, we outline the major service charge cost categories and their anticipated increases:

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Security

Utilities

Cleaning

5-12%

7-25%

5-18%

Technical maintenance

Insurance

Property tax

10-16%

1-8%

0-6%

Changes in operating costs Colliers analyzed the selected Budapest office considering the differences in size and specificity.

projects,

The aim of the analysis was to capture changes in individual cost groups – component of the service charges. Fun Fact Did you know?

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In 2019, the minimum hourly fee of security service defined by the Ministry of Internal Affairs was HUF 2336, while current rates are at the level of HUF 4218 per hour which is 7% more than last year.

Reasons for changes in the service charge rates It is worth noting that the increase in maintenance fees can vary depending on the age, location, standard of the building, or its specifics.

Inflation Increases in the prices of goods and services can increase maintenance fees. As the cost of building materials and services increases, so do the fees associated with maintaining the property (e.g. spare parts for equipment, transportation costs, and supplies).

Technical maintenance costs As a building ages, it may require an increased financial commitment for maintenance and repairs.

Increases in utility prices Increases in the price of electricity, heat, or water directly affect the increase in utility costs. Some of these increases may be due to global changes in energy commodity prices or energy policy. Growing energy demand and higher consumption requirements are also contributing to upward price pressure.

An increase in the minimum wage Affects the cost of building maintenance services, such as security, cleaning and maintenance, resulting in higher costs for these services, and thus an increase in operating costs

Increases in local taxes and fees Increases in rates for property tax, waste disposal, or other administrative fees resulting directly from the provisions of the Law or local Resolutions. SERVICE CHARGE REPORT

2026

EUR / HUF exchange rate The variing EUR / HUF exchange rate influences the imported material goods fees. The average EUR/HUF exchange rate was 398 in 2025, compared with 369 in January–August 2026, implying a 7.3% appreciation of the HUF and supporting lower import prices.

Level of operating costs What actions do Landlords, Managers take to reduce costs? In terms of optimizing media consumption:

In terms of optimizing personnel costs:

• Directing investments towards modernization and replacement of equipment and technical installations with more energy-efficient ones.

• Smart access to properties - e-receptions, automations for entry onto the property, parking space management systems.

• Introducing operating schedules for installations and equipment (based on the capabilities of building systems, but also technological tools based on AI, which analyze data in real time, learn the specifics of the building, adjusting parameters accordingly, taking into account external conditions, the number of users, and the use of office zones.

• Utilization of robotics and automation in financial and administrative processes – automatic invoicing, sending payment reminders, electronic document circulation.

* It is important that optimizations in this area are carried out in agreement between the Landlord and Tenant and tailored to the work character of individual tenants. Unfortunately, it often happens that, on the one hand, the expectation is to generate as much savings as possible, and on the other hand, there is a requirement to ensure the highest possible comfort for building users (e.g., thermal comfort).

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* Reducing positions, e.g., physical security staff in favor of virtual security, should always be done after analyzing all risks, so that security, which is crucial, is maintained at the highest level.

Level of operating costs What causes such large discrepancies in service charge rates between buildings?

What to pay attention to? 1. How are individual utilities billed? • Is the building metered, and to what extent?

It should be noted that tenants, when choosing an office for their company, consider many factors such as location, public transport, amenities, nearby services, etc. Unchangingly, one of the most important reasons for choosing a particular property is the financial conditions, i.e., the costs of maintaining an office, of which the base rent is the largest component. However, recently, more attention is also being paid to operational costs, primarily due to the fact that their value has significantly increased, and thus their ratio to the rent has risen. The problem faced by tenants is the huge discrepancies in rates between buildings, making it very difficult to make a fair comparison. Of course, these discrepancies partly result from factors described in the earlier part of the study, such as age, size, or specificity of the building, but not only. SERVICE CHARGE REPORT

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• Does the service charges only include the costs of utilities used by building systems and common areas, or does it cover the entire consumption related to the leased area? • Are utilities completely excluded from the service charges and billed as part of individual charges? 2. Who is responsible for the maintenance and repair of equipment installed in the leased area (e.g., inspections and repair of fan coil units, electrical measurements, replacement of lighting, etc.), and to what extent? 3. Avoiding lease agreement provisions that completely open the catalogue of operational costs, giving Landlords the possibility of broad interpretation in terms of allocating costs, and thus charging tenants with costs that, in principle, should constitute the owner’s budget. There is no single, generally accepted way of billing the above costs. Everything depends on how they have been defined in the lease agreement whether they are part of operational costs or fall under the so-called individual costs of the tenant. 18

Level of operating costs Several factors that influence the amount of property operating costs:

The specifics of the building – depending on the characteristics of the building and its standard, the various cost groups billed annually under the OPEX budget may vary.

The area of the building – some services in the building must be provided regardless of the size of the building, and the differences between the minimum value of the service and adjusted to the specifics of the building are small - e.g., inspections by the fire inspector, security. The cost of providing 24-hour security depends not only on the size of the building but also on the number of entrances or the number of reception desks. In practice, this means that the same level of cost for buildings of smaller size will result in a higher cost per square meter than in buildings of larger size. SERVICE CHARGE REPORT

2026

The age of the building – translates into the level of the cost of technical maintenance of the building. In older buildings, where the warranties on installations and technical equipment, structural elements (roof, foundations) or the facade have run out, there may be a need for repairs and replacement of installation elements. On the other hand, in new buildings, due to the requirements of the existing warranties, the cost of servicing installations and equipment may be higher, due to the need to perform paid inspections, which are mandatory to maintain such a warranty

Provisions of the lease agreements – contain a catalogue of costs included in the service charges. Usually, this catalogue is open and includes all costs of day-to-day maintenance of the property. These are the so-called operating costs that constitute the OPEX budget, which is billed to the tenants of the building. Costs – constituting the CAPEX budget are incurred by the owner and relate to capital expenditures for the property in terms of its modernization, installation of new equipment, or general repairs. 19

Energy Market Outlook As energy costs remain one of the most significant and volatile components of office operating expenses, understanding the outlook for the energy market is essential to assessing future service charge levels and the cost pressures facing both owners and occupiers. Green energy remains available at relatively stable and attractive prices, with no significant upward pressure expected on Guarantees of Origin (GoOs) in the near term. Given their competitive pricing and increasing ESG relevance, securing green energy and GoOs continues to offer both cost efficiency and strong sustainability credentials. By contrast, electricity and natural gas markets remain exposed to persistent upward pressure and heightened volatility, driven by an increasingly unpredictable combination of geopolitical and climate-related risks. The Middle East crisis, water scarcity across Europe, reduced hydro generation SERVICE CHARGE REPORT

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and temporary nuclear outages are all contributing to tighter supply conditions and upward price pressure. Recent geopolitical developments have again highlighted the market’s sensitivity to security risks, with concerns extending beyond physical disruption to potential cyberattacks and other forms of infrastructure interference.

Electricity and natural gas markets remain exposed to persistent upward pressure and heightened volatility.

Against this backdrop, the most prudent procurement strategy remains to use periods of temporary market stabilisation to lock in energy prices opportunistically, reducing exposure to further volatility and unforeseen geopolitical or supply-side shocks.

ESG in the context of commercial properties While energy market developments have a direct impact on operating costs, they are also closely linked to the broader sustainability agenda. As ESG requirements increasingly shape how buildings are operated, managed and valued, the next section explores the growing role of sustainability in the future performance and competitiveness of office assets. ESG, encompassing environmental, social, and

governance aspects, has become a leading topic of discussion in business circles over the past year. This trend is particularly important for the real estate market, as properties account for 40% of global greenhouse gas emissions, placing them among the top industries contributing to climate change. Until now, the European Commission has focused its efforts on creating regulations for the world’s largest emitters, such as the industry and energy sectors.

In 2023, the EU shifted its focus to the real estate sector, making last year rich in requirements for the real estate market: • The directive on the energy performance of buildings (EPBD) was amended • The ETS directive was expanded to include construction (known as ETS 2) • The directive on renewable energy sources (RED III) was amended • The directive on energy efficiency (EED) was amended

• The introduction of CBAM, the carbon tax on the import into the EU of selected materials such as cement, iron, steel, aluminium, or electricity. • These directives translate into specific guidelines for buildings, which tenants should also be aware of when choosing new headquarters. SERVICE CHARGE REPORT

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Fun Fact Did you know? From the tenants’ perspective, the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) published in 2023 are crucial. They will require 50,000 enterprises in the EU to report their impact on the environment and community, as well as governance standards. The emission intensity of the buildings where tenants conduct their business activities will also need to be reported. Failure to provide this data could lead to criminal liability, similar to the consequences of failing to report or inaccurately reporting financial information. It is important for enterprises to approach the reporting comprehensively, starting from an ESG readiness assessment, through the development of an organization and buildings’ decarbonization strategy, to the implementation of solutions improving ESG factors.

ESG in the context of commercial properties The „Renovation Wave” is the name of the European program that stems from the broader plan to transform economies towards sustainable development, known as the „Green Deal” or the Recovery Plan. This program is linked with other EU regulations that impose on Property Owners the obligation to reduce buildings’ demand for energy from fossil fuels. The EU Taxonomy, CRREM (a tool to show a building’s emission path), and the new directive on Energy Performance Certificates (EPBD) will force Owners to improve building efficiency, meaning, in simpler terms, they will be inclined to reduce consumption of electricity, heating and gas, apply newer technologies, and reconstruct the building.

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How does this relate to utility charge rates? In the long term, actions that save energy, heating and gas consumption will allow for Tenant savings. They will also reduce consumption in common areas, thus also reducing this charge. In the shorter term, over a few years, it will depend on individual buildings and their Owners. Some, in modernizing the building, will try to shift some of the expenses onto Tenants. For example, additional charges for installing photovoltaic panels on the roof, changes in the cooling/heating installation, expansion of the BMS, contracting green energy, or another tariff. On the other hand, Tenants might try to negotiate lower rates for temporary inconveniences during changes or renovations.

Fun Fact Did you know?

The issue of collecting data on utility consumption from the building and the method of calculating it is crucial for implementing ESG reporting. In some buildings, rates may include utility charges, e.g., for water, garbage, calculated not from their actual consumption but proportionally to the leased area. When Tenants want to receive actual consumption data for internal ESG reports, Building Owners will have to change the utility metering system and apply additional sub-meters and waste scales. This may verify the actual level of consumption charges for Tenants, for better or worse.

Audit of Service Charges Do you know how your building’s service charge compares with the market—and whether you are getting the right level of service for the cost? A service charge audit provides a structured review of the costs charged to tenants for the operation and maintenance of a property. The assessment examines the underlying lease provisions, cost breakdowns and supporting financial documentation to determine whether the charges are accurate, appropriate and in line with the agreed terms and market practice. The audit can identify discrepancies, unsupported or questionable expenses and potential areas for cost optimisation, while also providing an independent view of whether the level and composition of the service charge are justified. For tenants, it therefore serves as an effective control and benchmarking tool, supporting greater transparency, informed decision-making and more efficient property management.

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Checking the settlement of service charges In terms of properly allocating costs to the tenant in accordance with the lease agreement: • • •

Verification of the building area used for cost settlement Verification of the tenant’s leased area Verification of the tenant’s share in costs

Analysis of utility bills Identification of potential savings and optimization, including unit rates and contracted capacity

Verification of financial documents From which costs included in the settlement of the service charges arise, as well as any administrative decisions, declarations, as well as insurance policies or certificates

Analysis of service and maintenance costs Based on the provisions and scopes of agreements concluded between the lessor and suppliers, regarding services offered within the managed building portfolio - comparative analysis to market average prices

Cost forecast Information about planned changes in the prices of services and maintenance due to changes in legal regulations that may affect the operating fees of the building

Audit of Service Charges Benefits for the client Verification of the reliability of business partners who are the owner and property manager.

Ability to compare the service charge rates.

Ability to obtain reimbursement for wrongly charged fees, if any, are detected.

Checking the possibility of implementing optimization, new technologic solutions.

Greater awareness and ability to control the actions taken by the owner and property manager.

Ability to analyze future billing, giving you better control over costs.

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Creating lasting value through transparency, efficiency, and smarter decisions.

Contact us About Colliers Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. Fuelled by visionary leadership, Colliers has consistently delivered approximately 20% compound annual investment returns for shareholders for 30 years. Since 1992, Colliers has been a trusted partner to companies in Hungary, offering expert real estate consultancy services. Today, as one of the leading international commercial real estate firms both locally and globally, we are committed to creating value and driving success for our clients. We deliver a comprehensive portfolio of 360-degree, specialized services tailored to meet the unique needs of every client. Our 10 business service lines — including office, industrial, retail leasing and consultancy; capital markets advisory; valuation and appraisal; real estate management; workplace services; project management; design & build; and sustainability services — are designed to support our clients at every stage of the real estate lifecycle.

This report has been prepared by Colliers as a professional real estate advisory service provider, having the knowledge, experience and skills necessary to conduct this type of analysis, assisted by the team with relevant education and professional qualifications. Colliers has

adopted the data and information available on the market and gathered from reliable sources as the basis for all analyses and

KATALIN HONI, MRICS

calculations performed to prepare the report, taking into account the due diligence and professional nature of Colliers’ activities. Colliers has accepted the baseline data collected as correct and in accordance with the facts. Colliers takes no responsibility for the accuracy, reliability or completeness of the documents and information on which the analyses included in the report are based. This document

DIRECTOR | H E A D O F ASSET SERVICES

does not constitute and must not be treated as investment or valuation advice or an offer to buy or sell a property. This publication is the copyrighted property of Colliers and/or its licensor(s).

tel.: +36 20 360 4483 e-mail: katalin.honi@colliers.com

SERVICE CHARGE REPORT

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