Cushman & Wakefield brokered a record number of office deals, totaling 83,000 sqm, on the Hungarian market in 2014. The company concluded 78 transactions, averaging more than 1,000 sqm each.
“The Budapest office market carried the momentum it created in 2013 into 2014. Tenants committed to nearly 466,000 sqm of office space, reflecting a strong 17 percent gain on 2013 and the highest ever levels of take-up recorded,” said Orsolya Hegedűs MRICS, head of research at C&W Budapest. “Such robust letting activity helped improve the vacancy rate to a pre-recession low of around 16.2 percent at the end of December. This is bucking the trend when compared to the other CEE office markets and their vacancy rates. The C&W office team was involved in almost 20 percent of all lease transactions concluded in the market last year, which is an outstanding achievement bearing in mind more than 50 percent of the leases were off-market.”
