Budapest City Report Q3 2020
JLL's latest Q3 2020 report of commercial real estate trends in the Hungarian capital, Budapest, covering key data in the investment, office, retail and industrial market.
The Q3 2020 office market statistics further reflected the economic uncertainties triggered by the pandemic. Demand lag behind the trend of previous years, the number of transactions showed reduction, sublease options are emerging, as well a downsizing due to the efficiency of remote working. Real estate strategies are under reconsideration. On the other hand, industrial market statistics did not reflect the current economic restrictions.
The retail sector (including the hotel and hospitality) is being under the greatest threat of the pandemic and its potential aftermath. Although hotels are expected to make at least a partial come back, retail is facing an additional longer-term challenge of the increasing spread of ecommerce and the need for shopping center owners to adapt their malls to meet changing demands.
According to our investment forecasts a drop of full year volume is forecast as a result of the slowed-down activity. The second wave of the pandemic imposed significant restrictions all over Europe and investor sentiment became more prudent and alert.
Download our full report for in-depth information about the Budapest real estate market.