CBRE: South Buda micro-market reaches lowest vacancy rate in the capital

Office Market

The Lágymányos micro-market located in the north western part of South Buda reached a 1.7% vacancy rate in Q1 2016, the lowest in Budapest, according to a press release issued today by CBRE, the company acting as the exclusive leasing agent for the district’s Science Park office building.

(Photo: Wikimedia Commons/Norbert Aepli)

The Lágymányos micro market has become one of the busiest office hubs in the capital in the past fifteen years, with approximately 200,000 sqm of modern office space, according to CBRE. The popularity of South Buda has grown substantially among corporate tenants with consistent take-up in the Lágymányos micro-market in particular among IT and telecom firms, the press release said.

The 31,000 sqm Science Park, is a pioneering building in this micro-market and one of the most successful counting among its tenants Ericsson, TATA and most recently Evosoft. “The owner of Science Park, the Heitman Fund is launching major refurbishments to the building in the next period so that it may continue to be an iconic office building,” said Judit Varga MRICS, head of Office Agency at CBRE.

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