Hungary’s rapid economic expansion is leading to record low vacancy rates in the office market in Budapest, the country’s capital.
At 4.9%, Budapest’s economy was one of the fastest growing in Europe in 2018. The city’s economy expanded by 5.3% in the first quarter of 2019 and, according to European Commission forecasts, will grow at 4.4% over the rest of 2019.
This flourishing economy is leading to high demand for real estate of all types. The vacancy rate for office space in Budapest stood at 6.3% during the first half of 2019, 1.3% lower than the same period in 2018, according to real estate service provider CBRE.