Q3 2021

What's behind the numbers?

“Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.”

Q-o-Q -70 bps
Q-o-Q -16k sq m
Q-o-Q +46k sq m
Q-o-Q -20k sq m

The total modern office stock currently adds up to 3,955,600 sq m, consisting of 3,309,000 sq m of ‘A’ and ‘B’ category speculative office space as well as 646,600 sq m of owner-occupied space. In the third quarter of 2021, there was no new supply delivered on the Budapest office market. During this quarter 7,100 sq m were moved from the speculative to the owner-occupied space, consisting of two office buildings.

Demand, new supply and vacancy rate

The office vacancy rate decreased to 9.1%, representing a 0.7 pps decrease quarter-on-quarter and a 1.0 pps increase year-on-year. In line with the preceding quarters, the most occupied submarket was North Buda with a 4.6% vacancy rate whereas the highest vacancy rate remained in the Periphery (31.8%).

Net absorption rebounded to positive territory during the quarter, as the total occupied stock increased by 29,300 sq m. Total demand reached 81,500 sq m in Q3 2021, representing a 17% decrease quarter-on-quarter, but a 3% increase year on year.

New leases overpowered regarding the share of total leasing activity with 60%, followed by renewals in the existing stock with 22%, pre-leases in new developments amounted to 11%, while expansions of existing premises reached 7% of the total demand.


We already see that lorem ipsum dolor sit amet consictateur dolor sit amet.

Submarkets and split of demand

The strongest occupational activity was recorded in the Non-Central Pest and Váci Corridor submarket, attracting 22% and 21% of the total demand. The Central Pest and South Buda submarkets attracted 18% and 14% of the transactions, and 10% of the total demand was realized in the CBD submarket.


According to the BRF, 146 lease agreements were concluded in Q3 2021; the average deal size amounted to 560 sq m. The BRF registered seven transactions concluded on more than 2,000 sq m office space, including five new leases, one renewal, and one pre-lease.


The largest new agreement was signed for a total of 4,300 sq m in BudaPart City office buildings, while the largest renewal was a 3,800 sq m deal in Terra Park C.

The Q3 2021 office market statistics continued to reflect the uncertainties and economic slow-down triggered by the COVID-19 pandemic. While quarterly demand remained somewhat weaker than in previous years, the gap narrowed as the number of transactions showed recovery and the vacancy rate slowly begins to decrease.

Download the full report

Market Riport – 2023 H1
  Ipari és logisztikai ingatlanpiaci elemzésünk: Magyar nyelvű elemzésünkDownload Angol…
BRF Riport – 2023 Q2
A Budapest Research Forum (BRF) által megjelent 2023-es év második…
BRF Riport – 2023 Q1
A Budapest Research Forum (BRF) által megjelent 2023-es év első…

Írja be a keresendő kifejezést.

Shopping Cart