Q4 2025: Hungary Office Market Overview | iO Partners
The Budapest office market in 2025 defied expectations, demonstrating remarkable resilience. Despite a record low in speculative completions—where new deliveries dropped to historic minimums—demand has surged. Total leasing activity effectively matched and slightly exceeded the previous five-year peak, proving that the appetite for quality workspace in Hungary remains aggressive.a
Large office requirements increasingly targeted built-to-suit solutions, particularly for headquarter projects seeking tailor-made, energy-efficient, and ESG-compliant office space. While these developments had a limited immediate impact, they are expected to play a more significant role in shaping future supply.
The conversion and refurbishment of older office buildings remained a key structural trend, contributing to the modernization of the existing stock and helping to balance supply in a low-development environment. Overall, the Budapest office market demonstrated resilience in 2025, with built-to-suit and refurbishment projects set to influence market dynamics in the year ahead.
Transactions Director, HU, Office Agency
Research Analyst, HU, Research & Advisory