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Budapest Office : increased share of new demand - Q1 2013

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Budapest Office : Increased share of new demand - Q1 2013

Vacancy rate showed a slight decrease, but remained high at 19.6%.

Over 70,000 sq m of office space was let in Q1 2013, 14% less compared to the past 5 year average.

New deals took 20% of the total demand, the highest share registered in the past two years.

Periphery went through a significant change; the take-up volume registered in Q1 2013 totalled over 5,000 sq m, exceeding the annual level over the past 3 years.

Tenants are still in a strong negotiating position.

Development activity is at a historically low level, and is expected to remain weak in the next years also, as only a few developers are willing to start developments without a major pre-lease agreement.

Source : DTZ (Groupe UGL)

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