Budapest offices ‘offer opportunities’

MIPIM 2012: Budapest's office market is ripe for new development opportunities, according to CBRE.

Andreas Ridder, chairman, central and eastern Europe capital markets at the firm, said at MIPIM today: "There is virtually no new supply coming to the market over the next two, probably three years. With the vacancy rate at 20%, 10% of which is structural, the remaining 10% will fill up over the period.

"It means that by 2015 rents will have to increase due to the lack of new product. It is time for developers to come in and address the coming space shortage."