Take-up on Budapest Office Property Market Falls 9% in Q3

Take-up on the Budapest office property market reached 92,380 sqm in the third quarter, down 9% from the same period a year earlier, but up 9% from Q2, a report released by the Budapest Research Forum (BRF) shows.

New leases accounted for 32% of take-up, while renewals made up 49%. Expansions accounted for 10% of total demand.

The vacancy rate on the market stood at 13.1%, up 0.9 percentage points from the previous quarter, but down 0.4 percentage points from the same period a year earlier.

There were 4,503,000 sqm of modern office space in Budapest in Q3. Around 36,000 sqm was added to the stock with the inauguration of the Centerpoint III office building in the Váci Street office corridor.

BRF's members are CBRE, Colliers, Cushman and Wakefield, ESTON International, iO Partners and Robertson Hungary.