Tag Archives: BRF

Office market report Q3 2017

ESTON International hereby reports The Budapest Research Forum’s Q3 2017 office market summary.

Two new office buildings were completed in Q3 2017; Graphisoft Park Start-up building was handed over on 2,500 sq m in North Buda, while Nexon’s 4,000 sq m owner occupied headquarter was handed over on the Váci Corridor submarket. The total Budapest office stock totalled 3,353,235 sq m. The total stock comprises 2,684,655 sq m of Category ‘A’ and ‘B’ speculative, and 668,580 sq m of owner occupied buildings.

Vacancy rate has continued to decrease by 1.0 pps quarter-on-quarter to 7.6%, which is the lowest rate ever on record. The lowest vacancy rate is still recorded on the South Buda submarket (3.3%), whilst the Periphery submarket registered again the highest figure (28.5%).

Demand in Q3 2017 increased by 67% compared to the previous quarter, comprising 164,985 sq m. Owner occupation deals represented the highest share of the demand in the third quarter with 32.7% share, followed by new deals with 27.6%. Renewals equated 24.8%, while expansions accounted for 6.4%. Share of pre-lease agreements represented 8.3% of the total leasing activity.

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Industrial property market report Q2 2017

ESTON International hereby reports The Budapest Research Forum’s Q2 2017 industrial market snapshot.

In the second quarter of 2017, two buildings were added to the industrial stock with a total size of 20,380 sq m. A new 8,790 sq m warehouse was delivered at BILK Logistics Park, whilst the BRF included M7 Dunaharaszti – an existing 11,590 sq m warehouse to the Greater Budapest industrial stock.

The total modern industrial stock in Budapest, and its surroundings, stands at 1,953,790 sq m as of the end of Q2 2017.

Total demand amounted to 212,750 sq m in Q2 2017, which is the highest quarterly volume on record. Renewals accounted for 75% of the total take-up, while the share of new lease agreements amounted to 19% of the total take-up. Two pre-leases were signed during the quarter, totalling 10,980 sq m and represented 5% of the total take-up, whilst the remaining 1% was generated by expansions.

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Office market report Q2 2017

ESTON International hereby reports The Budapest Research Forum’s Q2 2017 office market summary.

No new office buildings were completed in Q2 2017. The total Budapest office stock totalled 3,346,735 sq m. The total stock comprises 2,682,155 sq m of Category ‘A’ and ‘B’ speculative, and 664,580 sq m of owner occupied buildings.

Vacancy rate has continued to decrease by 0.6 pps quarter-on-quarter to 8.6%, which is the lowest rate ever on record. The lowest vacancy rate is still recorded on the South Buda submarket (3.1%), whilst the Periphery submarket registered again the highest figure (33.1%).

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Office market report Q1 2017

The Budapest Research Forum (hereinafter the ‘BRF’, which comprises  CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary) hereby reports its Q1 2017 office market summary.

BRF recorded one new office delivery in the first quarter of 2017; the new SAP wing was handed over in Graphisoft Park in North Buda, which has further increased the modern office stock by 5,500 sq m, which now extends to 3,346,735 sq m. The total stock comprises 2,682,155 sq m of Category ‘A’ and ‘B’ speculative, and 664,580 sq m of owner occupied buildings.

Vacancy rate has continued to decrease by 0.3 pps quarter-on-quarter to 9.2%, which is the lowest rate ever on record. The lowest vacancy rate is still recorded in the South Buda submarket (3.6%), whilst the Periphery submarket registered again the highest figure (34.0%).

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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.

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