BRF Office market report 2016 Q2

Eston International Zrt. hereby reports the Budapest Research Forum’s (BRF)  Q2 2016 office market analysis.

One new speculative office building was delivered to the market in the second quarter of 2016 extending to 5,700 sq m in the CBD, whereas one office building (3,490 sq m) was excluded from the stock, as it was sold and is expected to change its function in the near future. The total modern office stock is currently 3,297,360 sq m. The total modern office stock comprises 2,632,780 sq m of Category ‘A’ and ‘B’ speculative, and 664,580 sq m of owner occupied buildings.

 The office vacancy rate continued to decline further by 3.9 pps year-on-year and 1.0 pps quarter-on-quarter bottoming at 10.3%, the lowest level since the financial crises. The lowest vacancy rate (5.8%) was measured in South Buda submarket, whereas the Periphery region suffered from a 31.2% vacancy rate. The vacancy rate of the Non-Central Pest submarket improved the most by 8.1 pps y-o-y standing at 7.9% at the end of Q2 2016.

Download the report here: