In Q3 2019, 31,345 sqm of new area was added to the total modern industrial stock in Budapest and its surroundings. The new phase of BILK (21,300 sqm), built for Media Saturn was handed over, moreover, CTPark Budapest West was extended by a new hall on 10,045 sqm.

Total demand amounted to 154,825 sqm in Q3 2019, indicating a 42% increase from the figure noted in the same period last year, marking a 45% increase compared to the previous quarter. Lease renewals accounted for an outstandingly high ratio, reaching 57.1% of the quarterly volume, it was followed by pre-leases with a share of 33.9%. New leases stood for 4.6%, while expansions take up 4.4% of the quarterly figure. Take up excluding renewals added up to 66,390 sqm which is a 27% higher figure than in Q3 2018.

23 leasing transactions were recorded in the third quarter of 2019, out of which 6 agreements were signed for more than 10,000 sqm. The average transaction size was 6,730 sqm during the quarter. 90% of the transactions were recorded in logistics parks, with an average transaction size of 6,635 sqm. The remaining 10% of the transactional volume was registered in city logistics parks, reaching an average transaction size of 7,765 sqm.

The largest transaction of the quarter was a lease renewal in the existing building of Üllő Airport Logistics Park on 27,700 sqm. The second largest deal was a pre-lease/BTS agreement for the new phase of BILK on 18,800 sqm.

The vacancy rate reached a new record, at the end of Q3 2019 stood at 2% resulting in a 0.1% decrease q-o-q, and a 1.7% decline y-o-y. At the end of the third quarter, a total of 43,715 sqm logistics area stood vacant, and there is no existing warehouse with an available area of more than 5,000 sqm.

Net absorption totalled 34.650 sqm in the third quarter of 2019.

The Budapest Research Forum (BRF) comprises CBRE, Colliers International, Cushman & Wakefield, Eston International, JLL and Robertson Hungary.