Q3 2026: Hungarian Office Market REcap
Market trends remain broadly unchanged with renewals still accounting for 52%, though the new HQ project of the quarter can be a sign of an improving market trust.
Speculative delivery in the Váci Corridor
In Q3 2026, Centerpoint III was completed, adding 36,000 sq m to the stock, with 20% occupancy at handover, in the Váci Corridor submarket. This 28.000 sq m vacant area pushed the Budapest vacancy rate up to 13.1%, which is still lower with 30 bps compared to the same period of last year.
Renewals exceed half of TLA
Gross take-up reached 307,425 sq m in Q1-Q3 2026. Renewals remained dominant, accounting for 52% of total leasing activity (TLA). Following a record-low Q2, when new leasing was particularly weak, net take-up improved in Q3, although it remained below the level recorded a year earlier.
New leasing activity improves
In Q3, total leasing activity accounted for 92,380 sq m of which net take-up reached 47,300 sq m. A significant pre-lease of KPMG was signed for a new HQ in Váci Corridor on more than 8,000 sq m, but the average deal size remained below 500 sq m.
Krisztina Major, Transactions Director, Office Agency
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Transactions Director, Office Agency at iO Partners Hungary
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