Both international and domestic demand in the Hungarian real estate market grew by 30 percent in the first quarter of 2016, according to the Budapest Research Forum (BRF).
In total, some 212 lease agreements were signed with new deals proving the major driver of market demand, with 47 percent market share.
Renewals accounted for 34 percent, and 18 percent of the total leasing activity was expansion based. A large contributor to this growth was a result of GE's expansion in the new Váci Greens B office building, followed by MSD’s renewal in the Millenium Towers III.
According to the report, the largest new transaction was in Átrium Park, extending to over 1,800 sqm of new office space.
The news comes amid extensive renovation and regeneration projects across Budapest and Hungary, where the government have pumped billions of HUF into improving the country's infrastructure in light of economic growth.
The Budapest Research Forum comprises Cushman & Wakefield, Eston International, CBRE, Colliers International, JLL and Robertson Hungary.