logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Hungary
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
English
  • Hungarian
  • English
+36 1 374 3040
  • Services
    • Business Lines
      • Advisory and Transaction Services
      • Property Management
      • Building Consultancy
      • Capital Markets
      • Valuation and Advisory
      • Advertising
      • Global Workplace Solutions
    • Services for Investors and Developers
      • Capital Markets - Capital Advisors
      • Capital Markets – Corporate Capital Markets
      • Capital Markets - Investment Properties
      • Investor Leasing
      • Asset Services - Premier Properties
      • Valuation and Advisory - Sectors Specialist Markets
      • Valuation and Advisory - International Capabilities
      • Valuation Services of CBRE Hungary
    • Services for Occupiers
      • Advisory and Transactions – Occupier Transactions
      • Advisory and Transactions – Portfolio & Location Advisory
      • Advisory and Transactions – Portfolio Services
      • Advisory & Transactions – Supply Chain
      • Advisory and Transactions – Transaction Management
      • Advisory & Transactions – Workplace & Occupancy
      • Facilities Management
      • Asset Services REAS
      • Project Management
    • Industries and Specialities
      • Offices
      • Retail
      • Industrial and Logistics Services
      • Hotels
      • Data Centre Solutions
      • Energy and Sustainability
      • Healthcare
      • Integrated Laboratory Solutions
      • Petroleum and Automotive
  • Properties
  • Research & Reports
    • Hungary 2022 Real Estate Outlook
  • People & Offices
  • About CBRE
    • Investor Relations
      Media Centre
      Careers
      Corporate Information
      Corporate Social Responsibility

Previous

Press Release
Working from home and office life are also transforming

Next

Press Release
Low interest rates to continue in the face of economic slowdown
  • CBRE Hungary
  • About CBRE
  • Media Centre
  • CBRE broke all records and leased over 1 million sq m offices in the region

CBRE broke all records and leased over 1 million sq m offices in CEE

Hungary | 19 February, 2020
  • Email
  • Share
  • Tweet
  • Share

CEE_MILLION_REASON_

Hungarian team was market leader with 33% market share in Budapest

 

Although there has been a slight decline in total office demand, CBRE has achieved remarkable result by leasing 1 million square meters of office space last year in the CEE region. The Budapest market has experienced dynamic growth in 2019, which also shown by the fact that CBRE – as the market leader in the country – had a 33% share of the market.

Highest market shares so far in all CEE countries

CBRE managed to lease more office space in 2019 than the previous year – despite the rather mixed picture across CEE office leasing markets. While net take-up in Vienna went back by 15% and by almost 30% in Bratislava, Bucharest and Moscow posted remarkable growth (30% and 23%, respectively). Lease renewals were on rise across the region.

In 2019, real estate brokers were active on leasing transactions in a total of four million square meters in the CEE region (including Austria, Slovakia, Czech Republic, Poland, Hungary, Romania and the city of Moscow). As the market leader brokerage in the region, CBRE accounted for a quarter of all the leases and successfully surpassed 1 million square meters of lease in the region for the first time on record. In terms of city volumes, CBRE teams transacted 230,000 sq m in Warsaw, 130,000 sq m in Budapest and 118,000 sq m in Prague - to name the three largest markets by absolute volume.

“Office markets in Central Eastern Europe performed in the majority exceptionally well, despite external global headwinds. Overall, 2019 was a record year for our office teams, with more than 1,000,000 sq m transacted. Our outlook for 2020 is positive, another busy year for the region, with a growing trend in pre-lets on future developments for our occupier clients.” – commented Kate McMurtrie, Executive Director, A&T Occupier (Offices), Central & Eastern Europe.

Office Demand Reaches Historic Highs in Budapest

The strong Hungarian economy coupled with Budapest’s attractive market fundamentals resulted in record levels of take-up in the office market in 2019. The total lease volume (including new leases, pre-leases, expansions and renewals) equated to circa 640,000 sq m over the year, in which CBRE leased 130,000 sq m, an absolute record for any agency in Hungarian office market history. In relative terms this equals to a 33% share for CBRE among the real estate agencies in 2019, highest on record.

‘The Budapest office market is currently in a very Landlord favourable part of the cycle, we have historical low Vacancy (5.6%) and although there is a healthy amount of new supply on the market, only 70,000 sq m was delivered in 2019, further compounding the reduction in the Vacancy rate. Although there were several large pre-lease transactions (above 20,000 sq m) many Occupiers decided to renew in situ given the Landlord favourable terms or due to lack of availability, and also the fact they (arguably) benefitted from existing more tenant friendly renewal provisions. Given the strong economic fundamentals in Hungary, for 2020 CBREs forecast is for strong levels of demand, as Occupiers continue to be in growth mode.’ – commented Anikó P. Kovács, Director, Head of A&T Services, Offices at CBRE Hungary.


FOLLOW us on LinkedIn for more news, insights and reports!

News

Featured
Related

Key leadership hire: CBRE strengthens its Hungarian retail agency team

12 January, 2021
12 January, 2021
Read More
Featured
Related

The domestic travel needs of Hungarians can be a lifeline for domestic tourism

30 June, 2020
30 June, 2020
Read More
Featured
Related

Outlet centers are soaring downtown stores are struggling

24 June, 2020
24 June, 2020
Read More

Contact us

Barnabás Tóth
Barnabás Tóth
Director, Head of Marketing & Communications
+36 1 374 3040
+3619190107
  • Media Centre
  • About Us
  • Careers
  • Contact Us
  • Global Web Privacy and Cookie Notice
  • Sitemap
  • Terms of Use
  • Our response to Schrems II
  • LinkedIn
Headquarters Hungary: Eiffel Palace | Bajcsy-Zsilinszky út 78. | Budapest | 1055 | Hungary