Report: Renting office space in Budapest is difficult

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It is difficult to rent an office space over 1,000 sqm in the Pest area of Budapest, as only three of the 39 office buildings currently on the market have large office spaces on offer, DTZ and CA Immo said today in a joint press release.

The vacancy rate in the office building market has been on the decline in recent years; currently 17.7% of offices on the market were on offer at the end of the second quarter, amounting to a total of 2,789,300 sqm of space in Budapest. This figure is substantially lower for the city center area of Pest, where there is only 45,000 sqm of space.

“The amount of empty office spaces in relation to all office space in the center of Pest is even lower than the overall market average, representing 15% of all vacancies. Out of this, only three office buildings offer big office spaces to rent; one of them is R70 Office Complex office building,” Éanna Maksay, analyst at DTZ, said.

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