PL

HUNGARY Warehousing tops 2.35 mln sqm in Budapest area

Warehouse & industrial
In Q2 2020, 64,140 sqm of new space was added to the total modern industrial stock in Budapest and its surrounding area, according to the Budapest Research Forum.

The new supply included the latest phase of East Gate Business Park (17,780 sqm), a new building in CTPark South (22,840 sqm), the Prologis Harbor DC11 building (13,520 sq m) and the latest phase of Budapest Dock Szabadkikötő (10,000 sqm).

The total modern industrial stock in Budapest and its surroundings reached 2,351,110 sqm at the end of Q2 2020.

Total demand amounted to 202,610 sqm in Q2 2020, two times higher than the in the same period last year and 17 pct higher than the four-year average Q2 volume. New leases accounted for 45.6 pct of the quarterly volume, followed by renewals (29.2 pct). Pre-leases made up 19.6 pct and expansions 5.6 pct of the demand. Take up excluding renewals came to 143,350 sqm. Net absorption amounted to 67,030 sqm.

A total of 22 leasing transactions were recorded in Q2, out of which eight were signed for more than 10,000 sqm. The average transaction size was 9,210 sqm. Around 95 pct of the transactions were for space in logistics parks, where the average transaction size was11,890 sqm. The remaining 5 pct of the transactional volume was for space in city logistics parks, with an average transaction size of 2,060 sqm. 14 pct of the city logistics take-up comprised renewals, while 86 pct were expansions.

The two largest transactions in Q2 were a 28,585 sqm renewal in Batta Park and a 28,460 sqm pre-lease in CTPark Budapest South.

The vacancy rate for the Budapest area at the end of Q2 2020 stood at 2.59 pct, down by 0.22 pp q-o-q, and but up by 0.45 pp y-o-y. At the end of the quarter a total of 60,930 sqm of logistics space stood vacant, with only one remaining warehouse with more than 5,000 sqm still available.

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

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