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Rate of vacant office space up in Budapest

The vacancy rate on Budapest's office-space market increased 0.6% in Q2 of 2008 to 12.6% at the end of June, a report from the Budapest Real Estate Consultants' Coordination Forum reveals.

Forum members reported that the amount of A-category office space in Budapest increased by 90,600 square meters during the second quarter of 2008, more than double the increase recorded during the first quarter of the year. The total amount of office space in Budapest reached 1.99 million square meters by the end of the first half of 2008, Coordination Forum data shows.

A total of 251,263 square meters of office space lay vacant in Budapest at the end of June 2008, the Coordination Forum reported.

Rented office space in Budapest amounted to 63,000 square meters during the second quarter of 2008, down 14% from the first quarter of the year. Most of them were new rents, with extended contracts accounting for a mere 2% of in terms of space.

The Budapest Real Estate Consultants' Coordination Forum is comprised of CB Richard Ellis, Colliers International, Cushman and Wakefield, DTZ and Jones Lang LaSalle. (MTI – Econews)