A quarter of all leasable office spaces in Budapest is standing empty, while 90% of the newly-built offices have no tenants, according to a fresh report by the Budapest Research Forum (BRF).
Despite efforts by property builders to slow down new projects, a total of 91,000 sqm of new office space was made available in the first quarter of 2010, which pushed up the overall vacancy rate to 25%.
In January-March, a total of 77,000 sqm were rented out, a third of which were related to renewed contracts.
The average rented space is 570 sqm, with over two-thirds of the leases signed for offices under 500 sqm.
Members of the BRF include CB Richard Ellis, Colliers International, Cushman & Wakefield, DTZ, King Sturge and Jones Lang LaSalle. (Napi Gazdaság)