Commercial real estate investment volume in Hungary could exceed EUR 1.2 billion in 2026, with a "strong pipeline of ongoing transactions", property consultancy Colliers said in an analysis.
First-half commercial real estate investment volume reached EUR 610 million, climbing 26.7% from the base period, the strongest H1 performance since 2021, according to Colliers director Balázs Zelles-Görgey.
Around 74% of investment activity was linked to Hungarian buyers. Office property accounted for 37.9% of transactions, retail for 32.9% and industrial and logistics real estate for 18.5%.
The Budapest office market is stabilizing; the rise in vacancy rates has halted, but the volume of new completions remains extremely low. Budapest’s modern office stock stands at 4.474 million square meters, up 1.1% over the past year. The average vacancy rate fell to 12.2% on an annual basis and to 15.7% in the speculative stock. Total leasing volume was 215,042 square meters in the first half of the year, representing a 1% increase year-over-year.
They also noted that, following a slight increase, the industrial and logistics stock in Budapest expanded to 4.18 million square meters, while the stock outside Budapest grew to 2.33 million square meters. The vacancy rate rose to 14.8% in Budapest and 10.5% in the provinces, up from 12.8% and 8.6%, respectively, last year.
"The easing of political uncertainty, the decline in country risk and improving financing conditions are expected to support the gradual recovery of the Hungarian investment market over the next 12-24 months," Colliers said in the analysis.
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