Total demand for office spaces in Budapest was up 21% year-on-year to 238,400 sqm, of which net take-up accounted for 105,860 sqm, according to the Budapest Research Forum (BRF).
During Q2, four new office building were completed in Budapest, with a combined area of 51,845 sqm. This included the owner-occupied HQ of Richter (17,400 sqm), BakerStreet 1 (16,645 sqm) Madarász IV (14,600 sqm) and Liget Center Auditorium (3,200 sqm).
Meanwhile, 27% of the new office demand was amassed on the Váci Corridor, followed by Central Pest and Non-Central Pest submarkets, each with a 24% share.
The average lease deal amounted to 885 sqm in Q2 2024 and BRF members concluded five transactions for more than 5,000 sqm each.
The largest new transaction of Q2 was concluded by MÁV in the new HQ of Telekom for more than 6,600 sqm.
BRF data further shows that the office vacancy rate grew slightly to 13.9% in Q2. All in all, Budapest’s total office stock reached 4.4 million sqm at the end of H1 2024.
