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Take-up on Budapest office space market plunges

Take-up on Budapestʼs office space market reached 247,000 sqm in Q1-Q3, the lowest level since 2013, state news wire MTI reports, citing analysis by property consultancy ESTON International.

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Alone in Q3, take-up dropped 59% as lease extension volume plunged 76%, ESTON said.

About 312,000 sqm of office space stands empty, raising the vacancy rate in the capital to 8.1%.

More than four times as much office space was inaugurated in Q1-Q3 as in the same period a year earlier, and a further 50,000 sqm of office space will come onto the market by year-end.

Total office space in the capital is close to 3,857,000 sqm.