Shortage of modern space brings Budapest vacancy rate to below 20%

August 2003
EuroProperty;2003, p54
Trade Publication
A fall in completions combined with steady take-up have seen Budapest, Hungary's vacancy rate fall to below 20%, according to CB Richard Ellis Inc. No recent deals have been struck in the periphery but take-up has continued in Budapest's central and non-central areas. The city's total stock of contemporary office space is estimated to be 1.2gm m², with an additional 90,000m² predicted to be completed by the end of the year. There are signs that developers are managing supply coming onto the market more carefully. Tenants' demands for more efficient operating space have lead to increasingly competitive rents as well as higher quality specification and facilities.


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