More Difficult to Find Available Office Space in Budapest

Although in the first quarter of 2018, the Budapest office market was expanded with two new A-class office buildings, as Markó Irodák 9 and Váci Greens office complexes were completed; yet hardly find an empty office in Budapest. According to a survey conducted by the Budapest Research Forum (BRF), 7.3 percent of Budapest's or agglomeration office bills are empty, which is very low on the office market.

The vacancy rate declined further in the first quarter than in the previous year, and it remains the lowest ratio in recent years in Budapest. As expected, the most refined sub-market is South Buda, 2.7 percent is the vacancy rate, and the highest value is in the agglomeration where it is 31.2 percent.

The most frequented area continues to be the Váci Street office corridor, where the volume of transactions was 36 percent, while for example, 12 percent in downtown areas. Gross demand is 91 thousand square meters, which is 36 percent more than last year.

BRF registered a total of 139 lease contracts during the first quarter of the year, with a flat area of 655 square meters for tenants, with 24 contracts for more than 1000 square meters. 

Source:https://www.napi.hu/ingatlan/alig_van_mar_ures_iroda_budapesten.660806.html