300,000 m² of new office space added in Budapest in 2009

2010-02-04

The total office stock in Budapest was augmented by 300,000 m² of new office space in 2009, according to the Budapest Research Forum. At the end of 2009 the vacancy rate had increased to 22%.
Take-up in Q4 2009 came to 63,700 m², with renewals of previous deals and expansions accounting for 52.8% of occupied office space.
The most substantial rental transactions in Budapest last year were Getronics renewal of a lease of 4,686 m² at Margit Palace, the Celanese Corporation’s renegotiation of its 2,800 m² office space lease and the 1,500m² expansion of space in the office building in Vaci Street.
At the end of 2009 modern office stock in Budapest exceeded 2.4 million m². Seven new office buildings were completed during the last quarter of the year, predominantly in the non-central submarkets (61,545 m²). The largest office buildings completed were Corvin – stage 2, with 24,421m² of space, and Budawest with 14,065 m². Furthermore, the U48 building was put up in the 8^th district and included 7,365 m² of office space. Other completed projects included: Allee Corner (6,795 m²) in the 11^th district, the Uniqua Vital Business Centre (8,899 m²) in the 13^th district, the Paris Department Store (3,700 m²) and the First Site Office Building (2,810 m²).

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