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Budapest Sees Increase in Vacant Premises

MTI-Hungary Today 2020.12.29.

The number of vacant commercial properties in Budapest increased in the second half of the year, with many permanent closures — mainly restaurants or entertainment venues — due to the pandemic, business daily Világgazdaság said on Tuesday.

There are 15-20 percent more vacant retail spaces in the capital than a year ago and there has been a 20-25 percent increase downtown,  the paper said, quoting kiberelem.hu data.

Budapest Home to Thousands of Empty Shop Premises
Budapest Home to Thousands of Empty Shop Premises

Budapest is home to 2,000-3,000 vacant retail premises, business daily Világgazdaság said Tuesday. Rents on empty retail space range from 20,000 forints to millions of forints each month, depending on the size, condition and location of the street, the paper said. Start-up businesses generally baulk at paying more than 100,000 forints in rent. Flats in Panel Blocks […]Continue reading

But just as with the housing market, retail properties are expected to start making a recovery in 2021. Given the big changes in consumer habits and needs, businesses that lease business premises in good locations and businesses that have responded well to the situation will benefit, the paper said, with those that concentrate on serving the needs of local residents rather than tourists expected to do well.

Featured photo by Márton Mónus/MTI