Hungary Office Figures Q1 2023

Office completion volume starts to recede in Budapest following the large deliveries in 2022. Two new projects were handed over in Q1: Corvin Innovation Campus (17,500 sq m) as the latest addition to the Corvin Promenade (in Central-Pest) and the BIF Tower (8,500 sq m) in Non-Central Pest. The total modern office stock stood at 4.3 million sq m as of April 2023, with further 320,000 sq m being under construction.

Total leasing activity (TLA) in Q1 reached 76,700 sq m, being short by 5% of the volume in same period last year.

Vacancy rate increased to 12.2% and the vacancy in ‘A’ category stock was at 13.1% as of April 2023. The average asking rent in the vacant premises was EUR 14.1 / sq m pm as of Q1 2023, practically flat for a year now.