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Budapest Office Vacancy Rates Fall to 16%

Vacancies in the Budapest office market have fallen to 15.7% in the third quarter, according to the Budapest Property Consultants Coordination Forum (BIEF). 

In the first quarter of the year, vacancy rates in the Budapest office market stood at 18.5%, showing a fall of 2.8% over the period.

However, vacancies are still very high in the office corridor of the city. The area that contains many new buildings has a vacancy rate of 18.7%.

The lowest rate of vacancies is 10.2% in the south of the capital.

In total, Budapest currently has 3,230,000 square metres of vacant category A and category B office space.

With the economy due to grow up to 3% in 2015, the office market is likely to remain robust with a high level of contract renewals into the new year.

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