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Race for Office Spaces in Budapest

May 10, 2018

Several articles and analyzes have reported about the growing demand for office space in Budapest, the saturation of the market, and how the Budapest office prices go up. However, the tenant side has fewer words: how does the tenant live in an accelerated market situation? In this article, we try to highlight this.

Experience shows that many difficulties for tenants are due to the fact that they do not make timely decisions on offices. Often, they are late to deal with maturing contracts or fail to secure their position in the contractual terms, and when a larger tenant appears, the landlord tells the lease. In both cases, the tenants find themselves in a difficult position, as finding a suitable office in the short term in the current market situation is almost impossible. 

It is a deceptive phenomenon that construction is ongoing throughout the city, as more than 60 percent of the office buildings and office spaces that are being built have fixed tenants before completion. In the rest of the cases, they have to compete with the rivals – and competition is very high these days.

The most common reasons for rent change are the growth of companies and the size of office space. However, this is often not possible in-house as saturation of office buildings is maximized. A further reason for switching is to improve the working environment, such as moving to a more modern, more creative, better-performing office building. Occasionally there is a case when a company is upgrading from an untimely office.

For tenants, therefore, one of the most important pieces of advice is to think ahead. The best is to think up to several years ahead, as a well-thought-out plan can ease on the burdens on switching office space. And by planning ahead, the company will only win on the process.

Source:

https://www.tozsdeforum.hu/uzlet/gazdasag/dul-a-verseny-az-irodapiacon-92434.html

Tower Commercial Leasing

1132 Budapest, Váci út 22-24.

www.tclbudapest.com

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