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Hungarian office market still performing

Eurobuild CEE 17 October 2019
Hungarian office market still performing
HUNGARY Total modern office stock in Budapest came to 3,668,735 sqm, according to The Budapest Research Forum (comprising CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary).
Of this figure 604,570 sqm was owner occupied. Two buildings were delivered over the period: Hungária Center (6,920 sqm) and the second phase of the Advance Tower (7,630 sqm). At the end of the period office vacancy was at a record low of 5.9 pct.




Net absorption over the quarter came to 28,095 sqm. Take up came to 191,235 sqm up by 41 pct y-o-y with renewals accounting for 63 pct of the total. New leases represented 19.8 pct, pre-leases were 10.4 pct and expansions 6.7 pct. According to the BRF, 141 lease agreements were signed in Q3 2019 and theaverage deal size was 1,356 sqm, which exceeds the first quarter’s average by 41 pct.


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