News Article Budapest CTP development Hungary industrial logistics
by Property Forum | Industrial

CTP is starting the construction of 80,000 sqm in Vecsés, a strategic location near Budapest Airport. With the market-leading 250,000 sqm under development in Hungary and high demand of the logistics and industrial space due to its large undersupply in the entire CEE region, CTP will reach the target of a 1 million sqm portfolio in the country already by the end of 2022, a year ahead of the originally projected forecast. CEE’s largest industrial developer already manages 10 parks in the size of 520,000 sqm in the country.

CTP is expanding its logistics park network in the Budapest area following the acquisition of land in Vecsés, a strategic location in the south of the city along the M0 highway with close proximity to the international airport and the centre of Budapest. The first construction phase has already begun in early 2021 with the investment expected to reach €60 million. The project is expected to bring hundreds of new jobs to the area.

CTP runs three logistics parks in the Budapest area with the new, fourth site set in the South-East of the city. The first phase of the construction in Vecsés includes three buildings with a total lettable area of more than 80,000 sqm, all being built according to the BREEAM sustainability standards.

“All of our parks in Budapest are met by strong demand, which is led by market dynamics such as the spurred growth of e-commerce or near-shoring activity, but also by the relationships we have with our tenants – approximately 80% of all of our newly developed space is leased by our existing 700 tenants. We are expanding to this new location to satisfy our clients‘ growth needs,” comments David Huszlicska, CTP's Business Development Director in Hungary. “There is a high level of interest in the product we develop: high-quality industrial parks in strategic locations, and this new addition to our portfolio, with the direct access onto the M0 highway and the numerous amenities found in all CTParks, will be no different.“