The total modern industrial stock in Hungary was 4,814,000 sqm at the end of Q2. The stock in Greater Budapest reached 3,306,740 sqm, while a further 1,507,260 sqm of industrial space was located in Regional Hungary. The largest new delivery was CTPark Ecser 1 with 42,460 sqm of space, while the only new delivery in Regional Hungary was in Miskolc by IGPark, adding 18,480 sqm to the regional stock.

The vacancy rate at the end of Q2 2023 was 8.6% in Greater Budapest, an increase of 270 basis points quarter-on-quarter and increase of 220 basis points year-on-year. At the end of the quarter, a total of 283,740 sqm of logistics space was vacant in Greater Budapest, while vacant areas outside Budapest reached 104,140 sqm, corresponding to a vacancy rate of 6.9%. The national countrywide vacancy rate stands at 8.1%.

Total demand in Greater Budapest amounted to 124,770 sqm in Q2 2023, indicating an increase of 10% year-on-year. In Q2, take-up excluding renewals reached 80,390 sqm, showing a 22% increase compared to the same period of last year. The largest transaction outside Budapest was a pre-lease agreement of 32,000 sqm at VGP Park Kecskemét, while in Greater Budapest the largest lease agreement was also a pre-lease for 22,770 sqm at HelloParks Páty. Pre-leases accounted for 41% of gross take-up, which was followed by renewals with a share of 36%. New leases recorded 21% of gross take-up, while expansions noted 2% from the whole.

In the second quarter of 2023, 21 leasing transactions were registered in Greater Budapest, with an average transaction size of 5,940 sqm – three of them for more than 10,000 sqm. The majority of leases continued to be concluded in big-box logistics parks, while in city-logistics parks seven agreements have been registered with an average size of 2,320 sqm. In Q2, the net absorption of Greater Budapest became negative and amounted to -27,470 sqm.