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Budapest office space, vacancy rate unchanged in Q3

Office Market

The total area of office space in Budapest remained unchanged at 3.087m square meters in the third quarter, the Budapest Property Consultants Coordination Forum (BIEF) told MTI at the weekend.

83% of the total area is rentable office space and the remainder is owned by its occupants. No new offices were completed in the third quarter.

The vacancy rate for the entire 3m square meters was 20.7% at the end of September, almost unchanged from the previous quarter.

Leases were signed for 113,900sqm of office space in Budapest in the third quarter. That is 32% higher than in the previous quarter, however, the ratio of contract renewals remained high at 42%.

BIEF's members are CB Richard Ellis, Colliers International, Cushman and Wakefield, DTZ, GVA Robertson, Eston International and Jones Lang LaSalle.

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