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New office space in tough spot for a few years |
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Saturday, 13 March 2010 |
The amount of new office space to open in Budapest is expected to decline by 23.8% yr-on-yr in 2010, a Real Estate Research Association (RERA) market analysis shows. According to the study, the expansion in the office space market ceased in the second half of 2008 and has been on the decline ever since. Before the crisis developers were planning to open 450,000 sqm of office space in 2009, but that number halved once the turmoil hit. According to RERA, 2010 and 2011 will be years of stagnation and the segment will not pick up again until 2012. RERA is a joint association of three real estate companies – Colliers International, EHL Hungary and Eston International – and was founded in January.
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