Photo: bayerconstruct.hu

Number of vacant industrial properties on the rise

The nationwide stock of modern industrial and logistics properties reached 5.3 million sqm at the end of the third quarter, with new additions in the capital region and regional markets.

Three new properties totalling 68,800 sqm were completed in the capital region, 17,900 sqm were added in Kecskemét and 70,000 sqm in Debrecen, according to the Budapest Forum for Property Consultants (BIEF). The vacancy rate in Budapest rose to 9.6% in the third quarter, which corresponds to an increase of 1.1 percentage points compared to the previous quarter. Year-on-year, however, the indicator is 0.4 percentage points lower. At the end of the quarter, a total of 348,350 sqm of industrial and logistics space was vacant in and around Budapest.

In the regional property stock, 109,750 sqm of vacant space was recorded, which corresponds to a vacancy rate of 6.6%. The national vacancy rate currently stands at 8.7%. In the first nine months, there was total demand for industrial properties of 483,800 sqm, which corresponds to a decrease of 11.5% compared to 2023. Net demand in this period was 384,980 sqm (+3%). New contracts in and around the capital accounted for 52% of total demand in the third quarter, while 43% was accounted for by contract extensions. Extension agreements accounted for only 3% of total demand and pre-letting accounted for 2%.

 

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