Budapest Office Market Q1 2025

The modern office stock in Budapest increased to 4,426,050 sq m by the end of Q1 2025. In the first quarter of 2025, total leasing activity (TLA) reached 93,000 sq m, marking a slight, 2% decrease compared to the same period last year. Significant volume of ca. 522,000 sq m is currently under construction (including 15,000 sq m of refurbishment projects) is also outstanding at regional level. A new trend has emerged in the market where older, typically category B office buildings in good locations are being converted into residential and hotel buildings, a shift that was previously unprecedented.