CEO of Eston International claims a sublease market will form for office space

In a comment for Portfolio.hu, Salamon Adorjan, the CEO of ESTON International said that we can expect a sublease market in Budapest for unused office space to form. The reasoning behind this is that despite strong development activity there is a decline in demand and a vacancy of space caused by employees working from home. According to statistics and additional 50.000 square meters of office space should be handed over by the end of the year, making the total available office space 3,907,000 square meters. According to Eston’s analysis there was a drop in demand, and only 247.000 square meters of office leases were closed in the first three quarters of 2020, a level similar to that of 2013.

Photo: by Visions of Domino - CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=57456497

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