Budapest Office Market
Tamás Pál MRICS – Head of Office Agency, Tenant Representation
Last year, in 2020, in line with international trends, Hungary’s total office rental transactions decreased. By the end of the year, however, it became apparent that along the positive change affecting the market, the reorganization could start in 2021, albeit in a much more nuanced way than predicted by many market participants in the first half of the year. After the initial difficulty, tenants appear to be settling their office operations, and with the advent of hybrid office use, they will settle into this form of operation in the longer run, too. However, it is essential to note where more emphasis is placed on communal areas and meeting rooms, the proportions of office space will not decrease because a denser seating plan will be considered. We are facing a year of change, as taking into account our employees’ needs will largely depend on how flexible the company allowed working from home during the past year. We see that after the epidemic, a more extended test period will begin, where employers will decide for decades whether flexible working is an excellent alternative to keep the employer’s interest and sustain working efficiency.