News Article BRF Budapest Hungary industrial logistics report
by Property Forum | Industrial

Total demand amounted to 237,475 sqm in Q4 2021, indicating a 115% increase over Q4 2020 and making 2021 a record year in terms of total demand, according to the Budapest Research Forum’s latest industrial market snapshot.

In Q4 2021, five buildings with 166,350 sqm of new space were added to the Greater Budapest modern industrial stock. Three buildings were handed over in CTParks (Budapest Airport & Budapest East), one building in HelloParks Maglód and another in GLP Sziget Logistics Centre in Szigetszentmiklós. The total modern industrial stock stood at 2,733,870 sqm at the end of the fourth quarter.

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Total demand amounted to 237,475 sqm in Q4 2021, indicating a 115% increase over the corresponding period of the previous year and making 2021 a record year in terms of total demand. Take up excluding renewals added up to 173,960 sqm, which also marks a remarkable, 170% increase compared to the same period of the previous year. Pre‐leases (incl. BTS buildings) dominated the demand with a share of 49%, while renewals on existing premises accounted for 27% and new leases within the existing stock reached 24%. The share of expansions ended up below 1%.

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32 leasing transactions were recorded in Q4 2021 with an average transaction size of 7,450 sqm – five of them were signed for more than 10,000 sqm. The majority of leases were still signed in big‐box logistics parks, as the city‐ logistics stock registered only three agreements. The largest transactions during the quarter were pre‐ leases: one for 62,985 sqm VGP Park BUD Aerozone building and the other 33,110 sqm deal was signed in Inpark Páty.

The vacancy rate at the end of Q4 2021 stood at 3.2%, showing a 0.3 percentage point decrease q‐o‐q and a 1.2 percentage point increase y‐o‐y. At the end of the fourth quarter, a total of 86,760 sqm logistics area stood vacant, and there are four existing schemes which have availability of more than 5,000 sqm. Net absorption during Q4 amounted to 169,300 sqm.

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The members of BRF continue to survey the industrial speculative real estate stock outside of Greater Budapest. They currently identified 117 buildings, representing 1,210,940 sqm. The size of the identified vacant areas outside the capital city agglomeration is 79,130 sqm, resulting in a vacancy rate of 6.5%. Total registered leasing demand during 2021 was 103,000 sqm.

The Budapest Research Forum (BRF) comprises CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary.