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Take-up of industrial property up sharply in Q3

Industrial

Take-up on Hungaryʼs industrial property market rose 42% year-on-year to almost 155,000 square meters in the third quarter, the Budapest Property Consultants Coordination Forum (BIEF) said on Thursday. Compared to the second quarter, take-up rose by 45%.   

Lease renewals accounted for 57.1% of the take-up, and pre-leases 33.9%. New contracts made up 4.6% of the total and expansions 4.4%, according to a summary by state news agency MTI.

The vacancy rate on the industrial property market stood at 2% at the end of Q3, a record low, at 43,715 sqm. There was a total of 2,231,590 sqm of industrial property in greater Budapest at the end of the period. 

Inaugurations in Q3 added 31,345 sqm to the total stock, with BILK Media Saturn starting the use of a 21,300 sqm logistics hall and CTPark Budapest West inaugurating a 10,000 sqm building.

BIEFʼs members are CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL, and Robertson Hungary.

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