Office space rents in Hungary fell by 10-30% in 2009, whereas vacancy rates and new take-up declined, according to Colliers International (CI).
Despite the reduction in rents, there was no increase in tenant mobility. Tenants still prefer to renegotiate rents, rather than undergo the complications involved in moving to a new office location. According to CI, only small tenants renting between 200 m2 and 1,500 m2 prefer to move if better price conditions arise elsewhere.
During the course of 2010, Colliers forecasts that 171,480 m2 of new office space will be handed over.
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