Hungary Budapest Office Figures Q3 2023

Office completion volume declined by 60% in Q1-Q3 2023 compared to the same period last year. Total leasing activity (TLA) in Q3 reached 136,700 sq m, bringing the YTD demand to 333,300 sq m, 15% above the volume measured same period last year. Further 68,100 sq m of new space can be finished in this year, bringing the annual volume to 164,500 sq m (including 18,800 sq m refurbishment). The average asking rent in the vacant premises increased q/q to EUR 14.4 / sq m pm as of October 2023, up by 3% y/y.