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Budapest Industrial Property Report

D&T
April 20, 2020

The Budapest Research Forum (BRF), which comprises the real estate firms CBRE, Colliers International, Cushman & Wakefield, ESTON International, JLL and Robertson Hungary, sets out below its Q1 2020 industrial market snapshot.

In Q1 2020, 40,010 sq m of new space was added to the total modern industrial stock in Budapest and its surroundings, as the BUD Cargo City (8,700 sq m) and the new building of CTPark West (31,320 sq m) were handed over. The total modern industrial stock in Budapest and its surroundings stood at 2,286,970 sq m at the end of Q1 2020.

Total demand amounted to 79,660 sq m in Q1 2020, indicating a 5% decrease from the figure noted in the same period last year and a 10% decrease compared to the previous quarter. Lease renewals accounted for an outstandingly high ratio, reaching 85% of the quarterly volume, followed by new leases with a share of 10%. Pre-lease stood for 5% and expansions stood for 0.2% of the quarterly figure. Take up excluding renewals added up to 11,840 sq m which was 13% lower than in Q1 2019.

19 leasing transactions were recorded in the first quarter of 2020, out of which three agreements were signed for more than 10,000 sq m. The average transaction size was 4,190 sq m during the quarter. 96% of the transaction volumes was recorded in logistics parks, with an average transaction size of 5,470 sq m. The remaining 4% of the transactional volume was registered in city logistics parks, reaching an average transaction size of 630 sq m which consists of an average transaction size of 1,000 sq m in case of warehouse space and an average transaction size of 235 sq m in case of office space.

The two largest transactions in Q1 were renewals in the building of Batta Park on 28,590 sq m and the other was in Prologis Park Budapest M1 on 15,880 sq m.

The vacancy rate at the end of Q1 2020 stood at 2.8% resulting in a 0.97%-point decline q-o-q, and a 0.28%-point decrease y-o-y. At the end of the first quarter a total of 63,830 sq m logistics area stood vacant, and there is only one existing warehouse with available space of more than 5,000 sq m.

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