Budapest's office market is closing out the year on a weak note as nearly 6,300 sqm of new office space is scheduled for completion in the last quarter of 2010, the lowest quarterly figure in four years, according to the latest market survey of Real Estate Research Association (RERA).
The new additions are coming from the Downtown IX project in south Budapest, which was completed in October after long delays, and Duna Bellview, a 2,200-sqm refurbished office building formerly in district 1, occupied by Nestlé.
This last quarter will bring the annual figure for 2010 to 145,400, down more than a third from 2009. RERA expects the Budapest market to continue shrinking next year with a total of 128,000 sqm of added space.
TóPark, the largest project slated to be unveiled in Törökbálint next year, will account for nearly 60% of the total. RERA was founded by real estate consulting companies Colliers International, EHL Hungary and Eston International early this year. (BBJ)