The market of offices

The growth of the economy of Central and Eastern European countries continue to exceed the very slow development of the West. This growth has a positive influence on the level of occupation of the offices in the region, and apparently this trend will continue in the short and medium terms. It is hoped that the employment rate in future will increase, and therefore the demand for office space is going on increasing.

The evolution of the office market in 2006 was the most dynamic in Hungary since the change of political system in 1989. The largest area of new "A" category office was delivered in 2006, with 208,000 m2. The occupancy rate in the office market in 2006 was 87%.

Today, focus of competition in this market  is not the price of rent, but the product, with an increasingly important role  of professionalism and consultants in it.

Even today, the highest percentage of offices is located in renovated or old  buildings, short of the minimum service required for this activity in a modern society, consequently there has been and there is a steady growth in this sector. The lack of better quality offices will generate a need of „A" and PRIME class office building s in the near future .

The office market is a very complex market in Budapest, and we are still far from the modern business parks that surround most major European cities.

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