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Vacancy rate on industrial property market in Budapest still around 20%

Tenants signed contracts for 210,000sqm of industrial space in and around Budapest in 2010, but the vacancy rate still remained a little under 20%, data compiled by real estate brokers show.

About 68,000sqm of industrial space was completed in Budapest and environs last year, according to Budapest Research Forum, whose members include CB Richard Ellis, Cushman & Wakefield, DTZ, GVA Robertson, Jones Lang LaSalle and King Sturge. About one-third of this space was built by property investors, not for a specific tenant. (MTI-Econews)