The vacancy rate on the Budapest industrial market declined 2.2 percentage points q-o-q, reaching a record low of 5.9% at the end of Q1 2017. The Budapest Research Forum published its quarterly industrial market analysis.
Total demand amounted to 71,600 sqm in Q1 2017, which is slightly under the 5-year average of the first quarters’ leasing activity (73,830 sqm). Renewals accounted for 34.5% of the total take-up, while the share of new lease agreements made up 30.8% and expansions 16.5%. Two large pre-leases were signed during the quarter, totalling 13,000 sqm and representing 18.1% of the total demand of Q1 2017.
96% of the leasing activity was recorded in logistics parks where the average deal size was 3,440 sqm. The average deal size in city logistics schemes equated to 564 sqm.
The vacancy rate declined 2.2 percentage points q-o-q reaching a record low of 5.9% at the end of Q1 2017. In total 115,162 sqm is currently vacant and only one scheme offers more than 10,000 sqm available adjacent space.
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