In the third quarter of 2021, two buildings with 14,210 sq m of new space were added to the Greater Budapest modern industrial stock. One building was handed over in East Gate Business Park Fót and one building in Login Business Park Dunakeszi. The total modern industrial stock stood at 2,567,510 sq m at the end of the quarter.
The Budapest Research Forum (BRF, which comprises: CBRE, Colliers, Cushman & Wakefield, ESTON International, JLL and Robertson Hungary) says in its Q3 2021 industrial market snapshot that total demand amounted to 143,530 sq m in Q3 2021, indicating a 19% decrease on the volume measured in the corresponding period of the previous year.
Take up excluding renewals added up to 65,690 sq m, which marks a 47% decrease compared to the same period of the previous year. Renewals dominated the demand with a share of 54%, while pre-leases in the existing stock accounted for 26% and new leases stood for 17% of total leasing activity. Expansions reached a share of 3% from the quarterly demand.
23 leasing transactions were recorded in Q3 2021 with an average transaction size of 6,240 sq m – five of them were signed for more than 10,000 sq m. The majority of leases were still signed in big-box logistics parks, as the city-logistics stock registered only two agreements.
The largest transactions during the quarter were renewals: one for 27,820 sq m in Prologis Park Budaörs building and the other was signed in GLP Üllő Logistics Centre for 17,030 sq m.
The vacancy rate at the end of Q3 2021 stood at 3.5% showing a 0.5 percentage point decrease q-o-q and a 0.2 percentage increase y-o-y. At the end of the third quarter, a total of 89,710 sq m logistics area stood vacant, and there are three existing schemes which have availability of more than 5,000 sq m.
The members of BRF initiated and continue to survey the industrial speculative real estate stock outside of Greater Budapest in order to publish in the future further reliable data about the entire industrial real estate market of Hungary. We have currently identified 106 buildings, representing 1,191,340 sq m. The size of the identified vacant areas is 73,880 sq m, resulting in a vacancy rate of 6.2%.
Leave a Reply Cancel reply
Top 5 Articles
- Sharing Business Experience December 10, 2022
- Hungarian Inflation Rate - the Highest in Europe December 16, 2022
- Another Korean Battery Supplier Appears in Hungary November 17, 2022
- In Strategic Partnership with the Client January 2, 2023
- Mobility is Electric for ŠKODA December 6, 2022
Articles by Date
- ► 2023 (311)
- ► 2022 (1249)
- ► 2021 (941)
- ► 2020 (899)
- ► 2019 (237)
- ► 2018 (161)
- ► 2017 (310)
- ► 2016 (279)
- ► 2015 (324)
- ► 2014 (229)
- ► 2013 (233)
- ► 2012 (250)
- ► 2011 (303)
- ► 2010 (167)
- ► 2009 (43)
- ► 2008 (3)
No comment yet. Be the first!