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Vacancy rate on Budapest industrial property market at record low

The vacancy rate on Budapestʼs industrial property market dropped 0.4 percentage points from three months earlier to a record low of 5.5% at the end of the second quarter, the Budapest Property Consultants Coordination Forum (BIEF) said on Friday, Hungarian news agency MTI reported.

There isare108,240 sqm of vacant office space, with no building with more than 10,000 sqm of empty area.

Total demand amounted to 212,750 sqm in Q2 2017, which is the highest quarterly volume ever on record. Renewals accounted for 75% of the total take-up, while the share of new lease agreements made up 19%. Two pre-leases were signed during the quarter, totalling 10,980 sqm and representing 5%, while the remaining 1% was generated by expansions.

BIEFʼs members are CB Richard Ellis, Colliers International, Cushman and Wakefield, Eston International, Robertson Hungary and Jones Lang LaSalle. BIEF data covers around 90% of the office property market in the capital.