Market data · Q2 2026
Budapest office market: data and trends
The Budapest Research Forum’s (BRF) quarterly figures since 2013: vacancy, stock, take-up, completions and submarkets, in charts and tables.
Q2 2026 at a glance
- The vacancy rate is 12.2%, 0.6 pp lower than a year ago.
- Take-up was 84,790 m² in the quarter, 29% less than a year ago.
- By submarket, the lowest vacancy rate was 6.4% (Central Buda) and the highest 20.1% (Periphery).
Key figures, Q2 2026
- Vacancy rate 12.2% +0.2 pp q/q −0.6 pp y/y vacant space as a share of the stock
- Modern office stock 4,474,170 m² −0.2% q/q +1.1% y/y speculative and owner-occupied
- Take-up 84,790 m² −34.9% q/q −29.3% y/y in the quarter, renewals included
- Net take-up 31,920 m² +24.1% q/q −36.1% y/y in the quarter, without renewals and owner-occupation
- Net absorption −8,465 m² previous quarter: 50,770 m² a year ago: 57,000 m² change in occupied space in the quarter
- Completions 0 m² previous quarter: 42,810 m² a year ago: 0 m² office buildings delivered in the quarter
Vacancy rate
The share of vacant space in Budapest’s modern office stock, quarter by quarter.
Take-up
All leasing in the quarter (bars) and net take-up, without renewals and owner-occupation (line).
Completions and stock
New office space delivered in the quarter (bars) and the total modern stock (line, right axis).
Net absorption
The quarterly change in occupied office space: positive when more space was taken up than released.
Submarkets
The BRF releases publish no table of the eight submarkets: they name those with the lowest and the highest vacancy, and those that drew most of the quarter’s take-up. These are shown here, quarter by quarter.
Vacancy, Q2 2026
- Central Buda lowest 6.4%
- North Buda 8.9%
- Periphery highest 20.1%
- Budapest total 12.2%
Share of the quarter’s take-up
- South Buda 28%
- Central Pest 25%
- Váci Corridor 20%
Submarkets quarter by quarter
| Quarter | Lowest vacancy | Highest vacancy | Most take-up |
|---|---|---|---|
| Q2 2026 | Central Buda 6.4% | Periphery 20.1% | South Buda 28% |
| Q1 2026 | Central Buda 6.4% | Periphery 20.0% | South Buda 40% |
| Q4 2025 | Central Buda 6.4% | Periphery 20.7% | Váci Corridor 32% |
| Q3 2025 | Central Buda 7.3% | Periphery 21.1% | Váci Corridor 41% |
| Q2 2025 | Central Buda 7.4% | Periphery 19.4% | Váci Corridor 37% |
| Q1 2025 | Central Buda 7.8% | Periphery 27.1% | Central Pest 27% |
| Q4 2024 | Central Buda 8.0% | Periphery 28.6% | Váci Corridor 37% |
| Q3 2024 | Central Buda 7.3% | Periphery 31.9% | Central Pest 31% |
| Q2 2024 | North Buda 7.7% | Periphery 33.2% | Váci Corridor 27% |
| Q1 2024 | North Buda 8.4% | Periphery 33.3% | Váci Corridor 29% |
| Q4 2023 | North Buda 8.7% | Periphery 36.8% | Váci Corridor 28% |
| Q3 2023 | Central Buda 7.3% | Periphery 36.9% | Váci Corridor 27% |
| Q2 2023 | Central Buda 5.0% | Periphery 34.8% | Váci Corridor 33% |
| Q1 2023 | North Buda 3.7% | Periphery 36.0% | Váci Corridor 31% |
| Q4 2022 | North Buda 4.1% | Periphery 31.8% | Váci Corridor 37% |
| Q3 2022 | North Buda 4.6% | Periphery 36.3% | Non-Central Pest 36% |
| Q2 2022 | North Buda 4.4% | Periphery 31.4% | Váci Corridor 44% |
| Q1 2022 | North Buda 5.6% | Periphery 31.0% | South Buda 21% |
| Q4 2021 | Central Buda 5.5% | Periphery 31.1% | Váci Corridor 33% |
| Q3 2021 | North Buda 4.6% | Periphery 31.8% | Non-Central Pest 22% |
| Q2 2021 | North Buda 4.4% | Periphery 28.0% | Váci Corridor 30% |
| Q1 2021 | North Buda 4.8% | Periphery 27.5% | Váci Corridor 51% |
| Q4 2020 | North Buda 4.3% | Periphery 29.3% | Central Pest 20% |
| Q3 2020 | North Buda 3.5% | Periphery 33.0% | South Buda 27% |
| Q2 2020 | North Buda 2.8% | Periphery 33.6% | Váci Corridor 25% |
| Q1 2020 | Non-Central Pest 1.3% | Periphery 33.6% | Central Pest 26% |
| Q4 2019 | Non-Central Pest 1.4% | Periphery 34.5% | Váci Corridor 46% |
| Q3 2019 | North Buda 2.9% | Periphery 34.0% | Central Pest 32% |
| Q2 2019 | Non-Central Pest 2.1% | Periphery 36.7% | Váci Corridor 32% |
| Q1 2019 | Non-Central Pest 3.5% | Periphery 37.4% | – |
| Q4 2018 | Non-Central Pest 3.4% | Periphery 38.0% | Váci Corridor 38% |
| Q3 2018 | Non-Central Pest 3.9% | Periphery 30.4% | Váci Corridor 33% |
| Q2 2018 | Non-Central Pest 4.4% | Periphery 30.0% | Váci Corridor 36% |
| Q1 2018 | South Buda 2.7% | Periphery 31.2% | CBD 12% |
| Q4 2017 | South Buda 3.3% | Periphery 32.2% | Non-Central Pest 25.3% |
| Q3 2017 | South Buda 3.3% | Periphery 28.5% | Váci Corridor 15% |
| Q2 2017 | South Buda 3.1% | Periphery 33.1% | South Buda 25% |
| Q1 2017 | South Buda 3.6% | Periphery 34.0% | Central Pest 17% |
| Q4 2016 | South Buda 3.7% | Periphery 34.3% | Váci Corridor 30% |
| Q3 2016 | South Buda 4.7% | Periphery 35.7% | Váci Corridor 47% |
| Q2 2016 | South Buda 5.8% | Periphery 31.2% | Váci Corridor 30.1% |
| Q1 2016 | South Buda 5.9% | Periphery 29.8% | – |
| Q4 2015 | South Buda 6.4% | Periphery 29.3% | – |
| Q3 2015 | South Buda 7.9% | Periphery 29.6% | – |
| Q2 2015 | South Buda 8.8% | Periphery 31.3% | – |
| Q1 2015 | South Buda 10.2% | Periphery 32.6% | – |
| Q4 2014 | South Buda 10.9% | Periphery 31.7% | – |
| Q3 2014 | South Buda 11.3% | Periphery 33.0% | Central Pest 24.3% |
| Q2 2014 | South Buda 11.8% | Periphery 31.9% | Central Pest 34% |
| Q1 2014 | South Buda 12.2% | Periphery 33.6% | – |
| Q4 2013 | South Buda 13.2% | – | Váci Corridor 29% |
| Q3 2013 | South Buda 12.0% | Periphery 30.0% | Váci Corridor 38% |
| Q2 2013 | South Buda 14.2% | Periphery 30.1% | Central Pest 24% |
| Q1 2013 | South Buda 15.3% | Periphery 31.8% | – |
Source: the BRF quarterly releases. A submarket’s figure appears only where the release names it.
Quarter by quarter since 2013
Every quarter as the BRF release states it, newest first. A dash means the release did not state the figure: nothing in the table is estimated or back-calculated.
| Quarter | Stock (m²) | Completions (m²) | Take-up (m²) | Renewals | Vacancy | Net absorption (m²) | Deals | Average deal (m²) | Source |
|---|---|---|---|---|---|---|---|---|---|
| Q2 2026 | 4,474,170 | 0 | 84,790 | 62.0% | 12.2% | −8,465 | 132 | 640 | Release |
| Q1 2026 | 4,483,120 | 42,810 | 130,250 | 47.0% | 12.0% | 50,770 | 91 | 1,430 | Release |
| Q4 2025 | 4,461,680 | 50,380 | 190,960 | 43.0% | 12.5% | 84,015 | 176 | 1,085 | Release |
| Q3 2025 | 4,426,050 | 0 | 101,950 | 41.0% | 13.4% | −30,040 | 113 | 902 | – |
| Q2 2025 | 4,426,050 | 0 | 119,975 | 39.0% | 12.8% | 57,000 | 136 | 882 | Release |
| Q1 2025 | 4,426,050 | 5,060 | 92,965 | 45.0% | 14.1% | −11,475 | 138 | 669 | Release |
| Q4 2024 | 4,455,615 | 2,150 | 170,630 | 76.0% | 14.1% | −2,880 | 143 | 1,195 | Release |
| Q3 2024 | 4,463,695 | 23,205 | 93,150 | 51.0% | 14.0% | 16,305 | 147 | 634 | Release |
| Q2 2024 | 4,440,490 | 51,845 | 143,395 | 42.0% | 13.9% | 34,245 | 162 | 885 | – |
| Q1 2024 | 4,377,170 | 26,440 | 94,980 | 53.0% | 13.8% | 0 | 153 | 621 | Release |
| Q4 2023 | 4,369,900 | 25,320 | 131,315 | 52.0% | 13.5% | 6,590 | 155 | 847 | Release |
| Q3 2023 | 4,344,580 | 13,460 | 136,700 | 45.0% | 13.2% | −12,865 | 157 | 871 | Release |
| Q2 2023 | 4,334,880 | 38,000 | 119,890 | 42.0% | 12.6% | 12,290 | 162 | 740 | Release |
| Q1 2023 | 4,301,860 | 26,050 | 76,660 | 56.0% | 12.2% | −19,160 | 120 | 640 | Release |
| Q4 2022 | 4,251,570 | 75,910 | 101,480 | 42.0% | 11.3% | 53,480 | 140 | 725 | Release |
| Q3 2022 | 4,175,670 | 82,420 | 101,430 | 33.0% | 11.0% | 27,210 | 97 | 1,046 | Release |
| Q2 2022 | 4,093,250 | 30,750 | 108,020 | 27.0% | 9.9% | 33,720 | 144 | 750 | Release |
| Q1 2022 | 4,053,940 | 78,350 | 80,750 | 47.0% | 9.8% | 44,100 | 122 | 662 | Release |
| Q4 2021 | 3,955,600 | 0 | 112,280 | 48.0% | 9.2% | −3,630 | 151 | 745 | Release |
| Q3 2021 | 3,955,600 | 0 | 81,500 | 22.0% | 9.1% | 29,300 | 146 | 560 | Release |
| Q2 2021 | 3,955,570 | 19,760 | 97,990 | 40.0% | 9.8% | −16,720 | 114 | 864 | Release |
| Q1 2021 | 3,935,990 | 24,700 | 74,900 | 48.0% | 9.0% | 5,240 | 120 | 624 | Release |
| Q4 2020 | 3,903,840 | 38,850 | 86,310 | 44.0% | 9.1% | −5,100 | 111 | 778 | Release |
| Q3 2020 | 3,856,750 | 59,785 | 79,350 | 36.0% | 8.1% | 6,480 | 106 | 749 | Release |
| Q2 2020 | 3,817,305 | 87,750 | 87,990 | 55.0% | 7.3% | 31,430 | 114 | 772 | Release |
| Q1 2020 | 3,740,990 | – | 79,660 | 36.0% | 6.2% | 22,790 | 118 | 675 | Release |
| Q4 2019 | 3,687,620 | – | 202,510 | 44.5% | 5.6% | 28,170 | 170 | 1,191 | – |
| Q3 2019 | 3,668,735 | – | 191,235 | 63.0% | 5.9% | 28,095 | 141 | 1,356 | Release |
| Q2 2019 | 3,654,180 | 31,690 | 163,390 | 22.0% | 6.3% | 52,180 | 207 | 789 | Release |
| Q1 2019 | 3,627,500 | 0 | 79,980 | 36.0% | 7.1% | 19,940 | 153 | 523 | Release |
| Q4 2018 | 3,628,105 | 44,265 | 171,490 | 25.3% | 7.3% | 6,350 | 202 | 849 | Release |
| Q3 2018 | 3,587,290 | 110,970 | 111,430 | 20.0% | 6.4% | 142,210 | 145 | 768 | Release |
| Q2 2018 | 3,503,170 | 57,060 | 161,550 | 34.0% | 7.6% | 40,140 | 196 | 824 | Release |
| Q1 2018 | 3,446,110 | 18,280 | 91,100 | 26.4% | 7.3% | 37,425 | 139 | 655 | Release |
| Q4 2017 | 3,415,550 | 67,920 | 144,365 | 32.1% | 7.5% | 65,205 | 169 | 854 | Release |
| Q3 2017 | 3,353,235 | – | 164,980 | 24.8% | 7.6% | 40,815 | 162 | 1,018 | – |
| Q2 2017 | 3,346,735 | 0 | 98,730 | 38.5% | 8.6% | 19,265 | 178 | 555 | Release |
| Q1 2017 | 3,346,735 | 5,500 | 66,990 | 18.2% | 9.2% | 7,600 | 154 | 435 | Release |
| Q4 2016 | 3,360,090 | 25,400 | 163,610 | – | 9.5% | 68,790 | 230 | 711 | Release |
| Q3 2016 | 3,334,690 | 39,570 | 95,230 | 41.0% | 10.9% | 23,020 | 176 | 541 | Release |
| Q2 2016 | 3,297,360 | 5,700 | 129,170 | 51.0% | 10.3% | 36,525 | 202 | 639 | Release |
| Q1 2016 | 3,295,150 | 25,600 | 84,410 | 34.0% | 11.3% | 29,301 | 212 | 398 | – |
| Q4 2015 | 3,280,970 | 3,020 | 160,975 | 24.0% | 12.1% | – | 202 | 801 | Release |
| Q3 2015 | 3,277,900 | 27,800 | 99,600 | 54.0% | 13.5% | 47,600 | 180 | 553 | Release |
| Q2 2015 | 3,250,200 | 20,100 | 213,500 | 29.0% | 14.2% | 66,150 | 213 | 1,002 | Release |
| Q1 2015 | 3,230,100 | 0 | 64,010 | 31.0% | 15.7% | 13,960 | 165 | 388 | Release |
| Q4 2014 | 3,238,180 | 18,795 | 117,040 | 45.0% | 16.2% | – | 173 | 677 | Release |
| Q3 2014 | 3,219,380 | – | 99,660 | 41.0% | 16.9% | – | 182 | 548 | Release |
| Q2 2014 | 3,205,600 | 21,100 | 191,720 | 52.0% | 17.6% | 46,150 | 188 | 1,020 | Release |
| Q1 2014 | 3,184,500 | – | 57,200 | 35.0% | – | – | 158 | 362 | – |
| Q4 2013 | 3,172,400 | 0 | 153,500 | 77.0% | 18.4% | – | 215 | 714 | Release |
| Q3 2013 | 3,172,400 | – | 98,014 | 20.0% | 18.6% | – | 192 | 442 | Release |
| Q2 2013 | 3,164,224 | – | 74,268 | 37.4% | 19.9% | – | 156 | 476 | Release |
| Q1 2013 | 3,145,467 | 3,300 | 71,409 | – | 19.6% | – | 172 | 415 | – |
Methodology and definitions
- Modern office stock
- Modern (class A and B) office space in Budapest and its periphery: speculative buildings built to let and owner-occupied buildings together.
- Vacancy rate
- Vacant space available for occupation as a share of the total stock.
- Take-up
- The area of all leases signed in the quarter: new leases, expansions, pre-leases, renewals and owner-occupation.
- Renewal
- A tenant staying in its office under a new lease. Part of total take-up, though no new space is occupied.
- Net take-up
- Take-up without renewals (and owner-occupation): the leases of tenants actually moving.
- Net absorption
- The change in occupied space over a quarter: space taken up minus space released.
- Completions
- New office space completed and ready for occupation in the quarter.
- Submarkets
- BRF divides the Budapest office market into eight submarkets: CBD, Central Pest, Central Buda, Váci Corridor, North Buda, South Buda, Non-Central Pest and Periphery.
The figures come from the BRF quarterly releases published since 2013, each number as the release states it: nothing on the page comes from another source (another firm’s report, our own calculation). Where a release does not state a figure, the table shows a dash. BRF publishes no rents. BRF revises the stock from time to time (demolitions, reclassifications), so two quarters’ stock does not always differ by the completions alone. The page is updated every quarter, after the BRF release.
Frequently asked questions
What is the office vacancy rate in Budapest?
According to BRF, Budapest’s office vacancy rate was 12.2% at the end of Q2 2026. By submarket, the lowest vacancy rate was 6.4% (Central Buda) and the highest 20.1% (Periphery).
How large is the Budapest modern office stock?
According to BRF, 4,474,170 m² of modern office space stood in Budapest and its periphery at the end of Q2 2026, speculative and owner-occupied together.
How much office space is leased in Budapest in a year?
According to BRF, total take-up was 505,850 m² in 2025, renewals included.
Where do the figures come from, and how often are they updated?
From the Budapest Research Forum (BRF), whose members are the leading real estate advisory firms and which publishes joint market figures every quarter. The page holds every release since 2013 and is updated each quarter, after the BRF release.
Looking for an office?
From the market to the buildings: Budapest office buildings to let, by district and office corridor, with asking rents and space available.
