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Budapest office market take-up rises, vacancy rate falls

Industrial

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The take-up on Budapestʼs office space market rose by a year-on-year 17%, reaching 117,040 sqm in the fourth quarter of last year, with contract renewals accounting for about 45% of take-up, the Budapest Property Consultants Coordination Forum (BIEF) revealed yesterday.

Despite the growing take-up, the market vacancy rate fell by 0.7 percentage point to 16.2%.

Approximately 3,238,000 sqm of A- and B-category office space was available in Budapest at the end of December, and about 2,600,000 sqm of the area was built to rent.

The members of BIEF are CB Richard Ellis, Colliers International, Cushman and Wakefield, DTZ, Eston International, Robertson Hungary and Jones Lang LaSalle.

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