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Budapest office break 3.5 mln sqm mark

Nathan North 12 July 2018

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Budapest office break 3.5 mln sqm mark
Office vacancy in the Hungarian capital is now onyl slighter above its record low
HUNGARY Three new office buildings were completed in Budapest in the second quarter of the year, totalling 57,060 sqm, according to the Budapest Research Forum.

The three buildings were GTC White House (21,560 sqm) and Promenade Gardens (22,500 sqm), both of which are on the Váci Corridor, along South Park (13,000 sqm) – the latest phase of Graphisoft Park in the city’s third district.

The latest completions bring the total modern office stock in the city up to more than 3.5 mln sqm, consisting of 2.8 mln of class ‘A’ and ‘B’ speculative office space, while 660,000 sqm is owner occupied space. Vacancy stands at 7.6 pct, slightly up from the record lowest figure. After five years of South Buda having the lowest vacancy rate, it is now the Non-Central Pest submarket (4.4 pct) that holds this distinction, whereas the city’s Periphery still suffers from vacancy of 30 pct.

Total demand in Q2 surpassed 160,000 sqm – a 64 pct increase y-o-y. New leases made up 37 pct of that total and lease renewals 34 pct, while pre-leases accounted for 17 pct and expansions the remaining 12 pct. The strongest occupational activity continued to be in the Váci Corridor submarket (36 pct), followed by the South Buda and Central Pest submarkets (17 pct and 15 pct of the total demand, respectively). A total of 196 lease agreements were signed over the period, with an average deal size of 824 sqm. The largest deal was IT firm Evosoft’s 20,400 sqm pre-lease of its BTS HQ in the Univerzum office building in South Buda.

The BRF comprises CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary.

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