Demand on the Budapest office market in Q3 2017 increased by 67% compared to the previous quarter, reaching 164,985 sqm. Combined with a marginal growth in supply the vacancy rate further decreased to 7.6%. The Budapest Research Forum published its latest figures.
The vacancy rate decreased further by 1.0 pps quarter-on-quarter to 7.6%, which is the lowest rate ever on record. The lowest vacancy rate is still recorded on the South Buda submarket (3.3%), whilst the Periphery submarket registered again the highest figure (28.5%).
According to BRF, 162 deals were closed in Q3 2017, with an average size of 1,018 sqm. In terms of submarkets, South Buda had the highest leasing activity, representing more than 32% of the total demand, followed by Váci Corridor (15%) and NonCentral Pest (13%) submarkets.
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