Eston sees increased demand on office market in 2015

Office Market

Eston signed leasing and ownership contracts on 540,000 sqm over the last year, setting a record with demand for more than 16% of the modern office spaces on the Budapest market, according to a report by Eston published yesterday.

The volume of closed transactions of the property advisor has been on the rise for the last four years in Hungary, with net demand reaching 63% last year, pushing down average vacancy rates to 12.1%, Eston said.

‚Äú2015 was a milestone considering the development cycle of the office market, as strengthening demand finally means motivation to the majority of office developers to create new office concepts and revive earlier frozen plans‚ÄĚ, Adorj√°n Salamon, CEO of ESTON International Zrt., said.

‚ÄúIncreasing demand over the last year for quality office spaces has sharpened competition on the market, in many cases tenants were ‚Äėbidding‚Äô for office spaces‚ÄĚ, Tam√°s P√°l, leader of Eston‚Äôs division responsible for office rentals, said.

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