Budapest’s office market continues to face subdued leasing activity, with tenants favouring renewals over relocation. Against this backdrop, GTC Group has opened Centerpoint 3, a new office building with LEED Gold and WELL certifications.
Leasing Activity Slows Despite Lower Vacancy
According to figures from the Budapest Research Forum cited by economx.hu, total office demand reached 307,000 sq m in the first three quarters of 2026, down 2% year on year. Net leasing fell more sharply, declining 35% to 105,000 sq m, excluding renewals and owner-occupier transactions.
The vacancy rate stood at 13.1% at the end of Q3, down 0.4 percentage points year on year. Tenants remain cautious, preferring to extend existing leases and optimise their space rather than relocate.
Centerpoint 3 Brings New Space to the Market
New office completions have also been limited. Two state-developed buildings, BudaPart Central and BudaPart Corner BOK, were delivered in Q1, while Q2 saw no new office openings in Budapest. Centerpoint 3 marks the latest addition to the capital’s office stock.
At the opening ceremony, GTC Group CEO Botond Rencz reported 96% occupancy across the group’s international portfolio and 84% occupancy within its office portfolio. Leasing prospects for Centerpoint 3 are encouraging, with up to two-thirds of its space potentially occupied soon. UNIQA Insurance has already leased more than 6,000 sq m for its new headquarters.
A Focus on Workplace Quality
Centerpoint 3 combines modern workspaces with landscaped terraces and a carefully designed internal garden. Developed to meet LEED Gold requirements, the building aims to create a welcoming working environment and encourage employees to return to the office.
The opening also represents an important milestone in GTC Group’s transformation. A new management team has taken over responsibility for shaping the company’s future strategy amid changes to its ownership structure.