99,000 sqm of office renovated in Budapest

In an effort to install more energy-saving technologies and sustainable property management, a total of 99,000 sqm of office space has been refurbished in Budapest over the last five years, according to a new CBRE report. The average vacancy rate of the renovated buildings currently stands at 10.1 percent. The take-up of the renovated projects peaked in 2015 when a total of 44,000 sqm was leased.
An increasing number of landlords are choosing to renovate their properties after after a large tenant vacates the premises, and the space is quickly filled, according to Judit Varga, head of CBRE’s office agency. “It has become a trend,” said Varga. “Last year, the vacancy rate has declined by 18 basis points.”