Real estate developer and manager CTP is planning to deliver speculative developments of premium industrial space totaling 150,000 sqm in the Hungarian market in 2020, the company tells the Budapest Business Journal.
The projects will affect nearly all the industrial parks of CTP in Hungary.
At CTPark Budapest East, located in the agglomeration town of Üllő, the company is currently developing a new 37,300 sqm prime quality industrial building.
CTP is also set to deliver a 23,000 sqm building in the near future at CTPark Budapest South in Dunaharaszti. Additionally, a new development of 36,700 sqm is planned to be completed next year, the company says.
The developer says that there has been a high demand for properties in CTPark Budapest West located 20 km away from Budapest in Biatorbágy. Accordingly, CTP plans to launch four new industrial development projects at the site with a combined floor space of 75,000 sqm.
In Győr, a county capital about 100 km west of Budapest, the company plans to add a new 5,300 sqm building to the CTPark Arrabona industrial park.
"Last year’s successful acquisitions and our ambitious goals for 2020 speak for themselves," says Rudolf Nemes, country manager of CTP in Hungary. "These offer opportunities for us to pave the way for a fast and successful market expansion. Being an active developer in a lessors’ market with a very low vacancy rate, CTP wants to realize these industrial development projects as soon as possible."
In 2019, CTP strengthened its market presence by delivering more than 72,000 sqm of industrial property. Its current portfolio includes a total floor space of nearly 500,000 sqm with an estimated asset value of EUR 300 mln due to ongoing construction and development.