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Property developers still making big investments despite high vacancy rate

Property investors could complete as much as 450,000 square meters of top-category office space in Budapest in 2006 and 2007, despite a vacancy rate of 12%, real estate company Eston said in its latest market analysis.

The planned developments would raise the capital's total office space by almost a third. Currently, there are more than 1.5 million square meters of new office space in the center of Budapest and five office zones outside the center.