The total modern industrial stock in Hungary amounted to 5,552,475 sq m at the end of Q4 2024. Greater Budapest reached 3,755,750 sq m, while the stock of Regional Hungary added up to 1,796,725 sq m.

In Q4 2024, the speculative stock in Greater Budapest expanded with five buildings, totalling 143,295 sq m. In the regional markets even more, eight new handovers were recorded in total of 132,760 sq m. The new supply nationwide amounted to 276,055 sq m.

The vacancy rate at the end of Q4 2024 decreased to 7.9% in Greater Budapest, representing a 1.7 percentage points decrease quarter-on-quarter, but is still 0.6 percentage points lower than a year ago. At the end of the quarter, a total of 298,250 sq m of logistics space was vacant in Greater Budapest, while vacant areas outside Budapest reached 122,155 sq m, corresponding to a vacancy rate of 6.8%. The national countrywide vacancy rate stood at 7.6% as of Q4 2024.

Total demand in Greater Budapest amounted to 225,960 sq m in Q4 2024, indicating a decrease of 28% year-on- year. In Q4, take-up excluding renewals reached 81,630 sq m.

In 2024, total demand totaled 832,575 sq m in Hungary, showing a 7.3% decrease compared to the same period a year prior. Annual net take-up in 2024 reached 551,570 sq m, indicating a 1% growth compared to 2023.

In Greater Budapest, new leases accounted for 27% of the total leasing activity in Q4 2024, while lease renewals represented 64%. Expansions took up only 9% of the total leasing activity, while no pre-leases were registered. The largest transaction of the fourth quarter was a new lease of 22,240 sq m in Prologis Park Budapest – Budaörs in Greater Budapest, while the largest transaction in the
regional market was a 35,210 sq m new lease in the new building of CTPark Tatabánya.

In the fourth quarter of 2024, 38 leasing transactions were registered in Greater Budapest, with an average transaction size of 5,945 sq m. The number of transactions was double than the data registered in the third quarter of 2024. Eight of the transactions registered in Q4 2024 exceeded the size limit of 10,000 sq m. Majority of leases continued to be concluded in big-box logistics parks.

In Q4, net absorption amounted to 177,000 sq m in Greater Budapest, while in Regional Hungary it reached 120,390 sq m.


BRF