The Hungarian real estate market proves resilient despite the global economic turmoil, especially in the office and industrial sectors, property consultant Colliers International Hungary said in a press release.
The demand side of the real estate market appears strong. Class A office take up reached 97,400 square meters (sqm) by the end of June and 188,000 sqm of industrial space was leased in the first 6 months of the year. Supply was also significant with 131,500 sqm of new Class A office spaced delivered in the same period.
Colliers’ Managing Director Michael Smithing pointed out that “in the short term, 2008/2009, the appropriate management of the supply side will be a critical issue. This is the only way the Hungarian real estate market can pull through the current uncertain period with relatively little loss.”
Colliers noted that the Hungarian retail sector is starting to recover after a disappointing year 2007 while the investment market remains frozen. (press release)