The total modern office stock currently adds up to 4.4 million sqm, consisting of 3.6 million sqm of A and B category speculative office space as well as 851,605 sqm of owner-occupied office space. 

During Q4 2024, the modern office stock was expanded with one office scheme with the size of 2,150 sqm. 

BRF data further shows that net take-up (without renewals and owner-occupied transactions) reached 190,730 sqm in 2024, down 20% compared to 2023. 

In Q4 2024, the office vacancy rate increased slightly to 14.1%, representing a 0.1 pps growth quarter-on-quarter and 0.8 pps increase year-on-year. Net absorption turned negative in Q4 2024 and amounted to -2,880 sqm, however the annual net absorption is still positive and totalled 47,665 sqm. 

According to the BRF, 143 lease agreements were concluded in Q4 2024 and the average deal size amounted to 1,195 sqm. The number of transactions remained in the same range compared to Q4 2023. 

Four transactions were concluded on more than 10,000 sqm office space: Ericsson, SAP, and the Ministry of Agriculture signed their lease renewal in Q4 2024, while another lease renewal was closed for more than 10.000 sqm on Váci corridor submarket. 

The largest new transaction of the quarter was concluded by Alteo in BudaPart Downtown for close to 4,700 sqm.