Office
In Q2 2025, Budapest’s office stock remained unchanged at 4,426,050 sq m, as no new completions were recorded during the quarter. The speculative development pipeline continues to shrink. Gross take-up totalled 212,945 sq m in H1 2025, marking an 11% year-on-year decline. CBD prime office rents have remained unchanged since Q1 2023, holding steady.
Retail
Retail sales in Hungary grew by 3.1% year-on-year in the January–May period, although the pace was slower than initially expected. Moody’s Analytics forecasts a 3.0% increase in retail sales for the full year 2025. Hungary’s retail property market has remained largely static in recent years, constrained by limited development potential. However, the outlook for the second half of the year is more active, with 43,750 sq m of new retail space scheduled for delivery across 12 smaller-scale retail parks in secondary and tertiary cities.
Industrial
Hungary’s industrial stock expanded by 91,325 sq m in Q2 2025, bringing the total stock to 5.8 million sq m by the end of June. Gross take-up reached 439,800 sq m in H1 2025, reflecting a 35% year-on-year increase, primarily driven by growing activity in regional markets. While Greater Budapest accounted for 65% of total demand, its volume remained flat compared to the same period last year.
