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The Budapest Research Forum, which comprises 108 Hungary Real Estate, CBRE, Colliers, Cushman & Wakefield, Eston International, iO Partners and Robertson Hungary, said total modern industrial stock stood at 6,132,195 sqm at the end of Q4. Of this, more than 4.08 million sqm was located in Greater Budapest, while regional markets accounted for nearly 2.05 million sqm.
A significant volume of new speculative industrial and logistics space was delivered in Greater Budapest during the fourth quarter, lifting total stock by 161,605 sqm across seven logistics schemes. The largest completion was the first phase of CTPark Budapest Érd, totaling 53,000 sqm. In regional markets, 46,800 sqm of new space was completed in four schemes, three of them in Kecskemét. Altogether, new deliveries increased national industrial stock by 208,405 sqm during the quarter.
Despite the new supply, vacancy edged lower in the capital region. The vacancy rate in Greater Budapest fell by 0.3 percentage points quarter-on-quarter to 12.8% at the end of Q4, with 521,480 sqm of logistics space standing vacant. Outside the capital, vacant space totaled 177,055 sqm, corresponding to a vacancy rate of 8.6%. Nationwide, the vacancy rate stood at 11.4%.
Leasing activity remained robust. Total demand in Greater Budapest reached 261,595 sqm in the fourth quarter, while annual demand in 2025 amounted to 667,490 sqm, marking a 9% increase from a year earlier. Net take-up, excluding renewals, totaled 201,700 sqm in Q4, accounting for 77% of total demand.
Pre-leases represented the largest share of leasing activity in the quarter at 35%, followed by new leases at 24%, lease renewals at 23% and expansions at 19%. The largest transaction was an 80,230-sqm pre-lease at CTPark Budapest Érd. In regional markets, notable deals included a 24,900-sqm lease renewal in Miskolc and a 24,000-sqm pre-lease at Panattoni Park Moson.
A total of 42 leasing transactions were recorded in Greater Budapest in Q4, with an average deal size of 6,230 sqm, up 5% year-on-year. On an annual basis, the average transaction size remained stable, while the number of transactions in the capital region rose by 10% in 2025. As in previous years, the majority of leases were concluded in large-scale logistics parks.
Net absorption remained positive across the country. In Greater Budapest, net absorption totaled 155,150 sqm in the fourth quarter, while regional markets recorded a positive 53,880 sqm. At the national level, overall net absorption reached 209,030 sqm in Q4 2025.
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