Budapest office market vacancy rate falls below 16%

Office Market

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The vacancy rate in Budapest’s office market fell 2.8 percentage points to 15.7% in the first quarter as compared to the same period a year earlier, the Budapest Property Consultants Coordination Forum (BIEF) announced yesterday, according to MTI news agency. 

The rate was lowest, at 10.2%, in the south of the Buda side of the capital. It was highest, at 18.7%, along Vaci ut, the so-called "office corridor", which has a lot of new buildings. Take-up in the first quarter was 64,000 sqm, the same as the previous quarter. Contract renewals accounted for 31% of the total. There are currently 3,230,000 sqm of A- and B-category office properties on the market in Budapest.

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