Budapest Office Vacancy Rates Fall to 16%
- New Europe Investor
- November 22, 2015
Vacancies in the Budapest office market have fallen to 15.7% in the third quarter, according to the Budapest Property Consultants Coordination Forum (BIEF).
In the first quarter of the year, vacancy rates in the Budapest office market stood at 18.5%, showing a fall of 2.8% over the period.
However, vacancies are still very high in the office corridor of the city. The area that contains many new buildings has a vacancy rate of 18.7%.
The lowest rate of vacancies is 10.2% in the south of the capital.
In total, Budapest currently has 3,230,000 square metres of vacant category A and category B office space.
With the economy due to grow up to 3% in 2015, the office market is likely to remain robust with a high level of contract renewals into the new year.