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Vacancies on Budapest prime office market drop slightly

Industrial

The vacancy rate on the prime office space market of Budapest and its surroundings was 19.6% at the end of the first quarter, down nearly one percentage points from the end of Q4 and little changed in one year, the Budapest Property Consultants Coordination Forum (BIEF) told MTI on Wednesday. There were 3,145,000 sqm of office space on the market at the end of the March, including 573,000 sqm used by the owner. The only inaugurate in the first quarter was a 3,300 sqm building. Industrial property in Budapest was 1.825m sqm at the end of Q1, the same as at the end of last year. Industrial property includes industrial parks and logistics plants. New rentals reached 31,427 sqm in Q1, 29.4% up on Q4 last year, but it was the smallest first-quarterly figure in three years. Vacancy increased by 2.3% points to 21.7% compared to Q1 last year as cancellations by tenants accelerated. BIEF's members are CB Richard Ellis, Colliers International, Cushman and Wakefield, DTZ, Eston International, Robertson Hungary and Jones Lang LaSalle.

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