The total modern office stock currently adds up to 4.42 million sqm, consisting of 3.53 million sqm of 'A' and 'B' category speculative office space as well as 889,735 sqm of owner-occupied office space. Within the speculative stock, Class 'A' office space accounts for 67%, while Class 'B' office space represents 33%. No new modern office space was delivered to the Budapest market in Q3 2025, therefore the total stock remained unchanged compared to the previous quarter.

Total demand amounted to 101,950 sqm in Q3 2025, reflecting a 9% increase year-on-year. Renewals took up 41% of the total demand, new leases accounted for 29%, while expansions took up only 9%. One pre-lease agreement was recorded during the quarter, representing 22% of the total demand. Net take-up reached 60,615 sqm in the examined period, indicating a 36% increase compared to the third quarter of 2024.

In Q3 2025, the office vacancy rate stood at 13.4%, reflecting a 0.6 percentage point increase quarter-on-quarter and a 0.6 percentage point decrease year-on-year. The lowest vacancy was registered in Central Buda with a vacancy rate of 7.3%, whereas the highest vacancy rate remained in the Periphery submarket (21.1%). Net absorption turned negative and amounted to -30,040 sqm.

The strongest occupational activity was recorded on the Váci Corridor submarket, attracting 41% of the total demand, and it was followed by Central Buda submarket, which took up 15% of the total demand in Q3 2025. According to BRF, 113 lease agreements were registered in Q3 2025, and the average deal size amounted to 902 sqm. 

The largest transaction of the quarter was a pre-lease for more than 22,000 sqm on the Váci Corridor submarket, while the largest new lease was signed for 4,700 sqm in Central Buda.