Orion reports office leasing with occupancy at 78.3%

Occupancy in Orion Properties' office portfolio was 78.3% at the end of September, according to the company report released on 5 November. For Hungarian office-market readers, interpreting the figures provides a basis for comparison; the US company's own portfolio is not a sample of Budapest's market.

The company completed 143,000 square feet of leasing transactions in the third quarter, including new leases and renewals. Our conversion gives approximately 13,285 square metres: we multiplied the reported area by 0.09290304. The area measures contractual activity, not a net reduction in vacant offices.

A renewal can retain an existing tenant, helping future revenue without increasing current occupancy. With a new lease, moving in, fitting out and the start of rent payments may occur at different times. A comparable table therefore includes the lease type and commencement alongside the area.

Our coverage of Hungarian property investment turnover measures sales transactions, while the article on cross-border capital in European offices examines buyer composition. Neither replaces a building-by-building examination of leasing.

Orion scheduled its results presentation for 6 November at 16:00 Budapest time. The next assessable questions concern when new leases commence and how vacant space develops. We do not treat the reported company figures as an independent nationwide office-market survey.