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The year-to-date new office completion volume as of Q3 2023 has reached 408,000 sq m in CEE-5 capitals, 707,000 sq m in total CEE (including Baltics-3 and SEE-4). There is 1.56 million sq m under construction in the region (total CEE) with a peculiar shift towards the smaller markets. Vacancy slightly edged up in all markets, remained stable in Prague and declined notably in Warsaw. Office demand has somewhat picked up in Q3 with quarterly take-up increasing by 3% q/q. Office rental changes indicate a widening gap between prime and secondary stock – although there has been a general upward correction in average rents in a number of markets in Q3.
The total modern industrial stock in Hungary exceeded 5 million sq m by the end of Q3 2023. The pipeline consists of 364,500 sq m (incl. 50,500 sq m on hold) and 137,900 sq m of space being under construction (U/C) in Greater Budapest and pan-regional Hungary as of October 2023, respectively. Total leasing activity (TLA) in Greater Budapest reached 85,200 sq m in Q3. The vacancy rate in Hungary was 8.6% at the end of Q3. The vacancy rate in Greater Budapest increased q/q to 10.0% due to the weak demand and significant completions.