Budapest is full, almost impossible to find an office

According to fn.hir24.hu, the GDP has been rising for 2 year, in which case property prices are surging. It’s almost impossible to find large offices in Pest.

It’s difficult for a company director to look for a suitable location for its company, especially he needs a bigger, more than a thousand-square meter-space and he insists on the central location of Pest. And if he has – otherwise completely realistic – needs like proper transport, parking facilities, the mission is almost impossible. In the center of Pest, there are 39 office buildings, but only 3 of them offer a big contiguous office space – DTZ international real estate consultant and CA Immo real estate investor wrote.

In recent years, the proportion of empty properties in Budapest steadily decreased, currently it is 17.7%, or 460 thousand 900 square meters of the 2.7 million sqm rental office portfolio of are empty.

In particular, the tenants with needs for larger areas are in trouble: if someone would like to move to a 3 thousand sqm property in the center of Pest, one can find suitable office only in one building.

According to experts, it will not be easier for tenants next year. Although development mood is improving, but the development period of an office project is 1.5-2 years, and since most developers begin the construction in the presence of a pre-lease contract, empty contiguous area in buildings will be built in the next two years will be limited.

based on the article of fn.hir24.hu
translated by BA

Source: http://fn.hir24.hu