Still Hungary for more
Country focus
"We do believe that we are recovering from the direct effects of the pandemic – the question for the upcoming period is rather how rapidly increasing fit-out costs will affect the market from the demand side,” comments Miklós Ecsődi of Colliers Hungary
The Hungarian market remains dominated by Budapest for both offices and industrial development, but there are signs of more activity in other areas. Although the economy has been hit by inflation and the geo-political uncertainty, so far the country seems to be weathering the storm
The total modern office stock in Budapest now amounts to 4,093,250 sqm, according to the Budapest Research Forum, comprising 3,398,770 sqm of ‘A’ and ‘B’ class multi-tenanted office space as well as 694,480 sqm of owner-occupied space. In the second quarter of 2022, two new office buildings were delivered to the market with a total of 30,750 sqm. These were the new owner-occupied OTP HQ building (28,000 sqm) and Paulay 52 (2,750 sqm). The office vacancy rate rose to 9.9 pct, up by 0.1 pps quarter-on-quarter and year-on-year. The lowest vacancy was recorded in North Buda at 4.4 pct, whereas the highest vacancy rate remained in the Periphery sub-market at 31.4 pct. Net absorption remained positive by the end of the second quarter, amounting to 33,720 sqm. Total demand reached 108,020 sqm in Q2 2022, representing a 10.2 pct increase y-o-y. New leases accounted for the largest share of total leasing activity at 32 pct, followed by lease renewals with 27 pct. Expansi
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