Hungary's commercial property market is past its cyclical low point, but weak economic growth is holding back a recovery and geopolitical uncertainty is weighing on outlooks, the National Bank of Hungary (MNB) said in a report on the market released on Tuesday.
The report augurs an increase in the vacancy rates on the office and industrial and logistics property markets in the capital, but does not see any excessive risk with regard to the local banking sector's exposure to projects.
The vacancy rate on the capital's market for office space edged down 1.6 percentage points to 12.5% in 2025, while the rate for industrial and logistics property climbed 4.9pp to 12.8%, albeit amid handovers of new projects and low take-up in recent years.
Commercial real estate developers ploughed around EUR 900 million into the Hungarian market in 2025, more than doubling from a low base. Large transactions, over EUR 50m, accounted for 43% of turnover. Hungarian investors made up 61% of transactions.
Lenders' outlays for commercial property projects climbed 54% in 2025. Outlays grew for retail, office and hotel projects as well as for industrial and logistics developments. Most loans were for projects in an around the capital.
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