Total demand for industrial spaces in Hungary fell 11.5% to 483,000 sqm in the first three quarters versus the same period of last year. Net take-up, meanwhile, was up 3% to 384,980 sqm in the same interval, according to the Budapest Research Forum (BRF).
Total demand in Greater Budapest amounted to 109,750 sq m in Q3 2024, up 29% year-on-year. In Q3, take-up excluding renewals reached 62,330 sqm.
BRF data shows that the total modern industrial stock in Hungary amounted to 5.3 million sqm at the end of Q3 2024. Greater Budapest reached 3.6 million sqm, while the stock of Regional Hungary added up to 1.6 million sqm.
During Q3 2024, the speculative stock in Greater Budapest expanded with three buildings spanning 68,770 sqm. At the same time, the vacancy rate rose to 9.6% but is still 0.4 percentage points lower than a year ago.
In Greater Budapest, new leases accounted for 52% of the total leasing activity in Q3 2024, while lease renewals represented 43%. Expansions accounted for only 3%, and pre-leases for 2% of the total leasing activity. The biggest transaction in Q3 was a pre-lease of 17,380 sqm in HelloParks Fót in Greater Budapest, while the largest transaction in the regional market was an 18,000 sqm pre-lease in VGP Park Kecskemét.
BRF further shows that net absorption amounted to 19,610 sqm in Greater Budapest during Q3, while in Regional Hungary it reached 112,080 sqm.
