In Q4 2016 total leasing activity amounted to 133,460 sqm on the Budapest industrial market which marks a 64% rise on a yearly basis. Meanwhile, the vacancy rate reached a new post-crisis low at 8.1% and there is currently no scheme offering more than 10,000 sqm available adjacent space. The Budapest Research Forum published its quarterly industrial market analysis.
Total leasing activity amounted to 133,460 sqm in Q4 2016, which marks a 58% increase on the previous quarter and a 64% raise on a yearly basis. Renewals accounted for 39% of the total take-up, while the share of new lease agreements made up 23% and expansions 5%. Three large pre-leases were signed during the quarter, totalling 44,520 sqm and representing 33% of the total demand of Q4 2016.
The largest lease was signed in Inpark Páty, a pre-lease agreement on 23,400 sqm. The largest new lease was signed in Prologis Park Budapest - Sziget on 13,730 sqm. The largest renewal was a 21,800 sqm deal in Bilk and the largest expansion took place in Prologis Park Budapest - Sziget on 2,100 sqm.
The Budapest Research Forum (BRF) comprises CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary. BRF analyses modern industrial properties located in Budapest and Pest County, completed after 1995 for letting purposes, comprising a minimum of 2,000 sqm space in terms of city-logistics or minimum of 5,000 sqm space in terms of logistics park warehouses. The industrial stock excludes owner occupied buildings.
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