Real estate consultant Colliers International has released its 2009 Office market report, the company announced in a press release.
“The office market will offer excellent opportunities for tenants seeking affordable and modern office space. 2009 is possibly one of the best years ever for a company to relocate, to consolidate its location or expand, primarily because effective rents will decrease and landlords will offer very attractive incentives this year.” said Miklós Saly, Head of Office Leasing Team.
“With difficult credit conditions and a recession, landlords will be in a weakened negotiation position and will likely make a lot of compromises to ensure that their buildings fill up this year,” Miklós Saly stressed.
In a volatile environment such as today, it is always risky to make predictions, Colliers said. The delivery of some projects may be postponed to 2010, the economy may do better or worse, resulting in a different vacancy rate, but overall, the trends show that the oversupply in the Budapest market can only lead to better pricing for tenants. (MTI-Econews)