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Demand increased 9% from the previous quarter to 92,380 sqm, with renewals accounting for nearly half of activity.
The vacancy rate increased 0.9 percentage points quarter-on-quarter but remained 0.4 percentage points below its level a year earlier. Vacant office space totaled 589,020 sqm.
Central Buda recorded the lowest vacancy rate at 7.8%, followed by North Buda at 9.2%. The Periphery submarket continued to have the highest rate, at 20.4%.
The completion of Centerpoint III in the Váci Corridor added 36,000 sqm of modern office space during the quarter. One owner-occupied building was also transferred to the speculative stock.
Budapest’s total modern office stock reached 4,503,035 sqm, comprising 3,516,265 sqm of speculative space and 986,770 sqm of owner-occupied offices. Class A buildings accounted for 67% of speculative stock, with Class B properties representing the remaining 33%.
Corrected net absorption was negative at minus 5,305 sqm in the third quarter, although the cumulative figure for the first nine months remained positive at 37,000 sqm.
Lease renewals represented 49% of quarterly demand, followed by new leases at 32% and expansions at 10%. Pre-leases accounted for 9%, driven by a large agreement signed by KPMG.
Net take-up, which excludes renewals and owner-occupied transactions, reached 47,300 sqm. This was 22% below the third quarter of 2025 but 48% above the preceding quarter.
Over the first nine months of 2026, total demand amounted to 307,425 sqm, down 2% year-on-year. Net take-up declined more sharply, falling 35% to 104,940 sqm.
The Váci Corridor recorded the strongest leasing activity, accounting for 42% of quarterly demand. Central Pest followed with a 20% share.
BRF registered 101 lease agreements during the quarter, a 10% decline from a year earlier. The average transaction size was unchanged at 915 sqm.
The two largest transactions were renewals exceeding 10,000 sqm each, one in the Váci Corridor and the other in Central Pest. KPMG’s pre-lease of more than 8,000 sqm was the third-largest deal. Two new leases exceeding 6,000 sqm each were also recorded.
BRF comprises CBRE, Colliers, Cushman & Wakefield, ESTON International, iO Partners and Robertson Hungary.
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