Property Times

Budapest: positive signs - Q4 2013

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Completion level remains low and far behind the 5 last average, but with some expectations for improvement in 2014.

The annual take-up level totaled 395,600 sq m, which is 15% above the 2012 level, and the second highest in the history of Budapest office market.

A high share of renewals is still a trend on the market, as these deals account for 50% of the total demand, while the net take-up level (34%) remained almost in the same range as in previous years.

Demand for small offices is still strong; over 570 lease transactions out of 738 have been closed in 2013 for premises under 500 sq m.

The overall vacancy rate showed a minor decrease during the quarter and an over 1.5 basis point drop during the year, and stands currently at 18.4%.

Despite the high vacancy rate, tenants looking for larger premises (over 2,500 sq m) may find that only a few landlords can offer large, contiguous and good quality office space.

Tenants are still in a strong negotiating position; rental levels remained unchanged during the quarter.

Source : DTZ (Groupe UGL)

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Mots-clés : DTZ