Office
In Q3 2025, Budapest’s office stock remained unchanged at 4,426,050 sq m for the second consecutive quarter, with no new completions recorded. Year-to-date gross take-up totalled 314,945 sq m, down 5% from the previous year, while net take-up grew 7% year-on-year. The vacancy rate increased by 0.6 percentage points, while the speculative development pipeline continued to shrink.
Retail
HCSO data show retail sales up 2.8% year-on-year in January–August 2025, and Moody’s anticipates 3.1% growth for the year. The Hungarian retail property market saw limited development in 2025, with overall retail park stock remaining largely unchanged at 1.7 million sq m. Shopping centre stock increased by 11,000 sq m following the October opening of Zenit Corso, Hungary’s first new shopping centre since 2023—bringing total shopping centre stock to 1.3 million sq m.
Industrial
A total of 76,765 sq m of new logistics space was delivered in Hungary in Q3 2025, fully pre-let at completion, bringing the country’s modern industrial stock to 5.9 million sq m. Year-to-date gross take-up reached 675,540 sq m, marking a 40% year-on-year increase, driven largely by heightened activity in regional hubs. Development activity remains solid, though the pipeline has moderated, down 31% year-on-year compared to Q3 2024, yet still substantial for 2025–2026.
