In the second quarter of 2018, one new building was handed over: a 12,220 sq m warehouse in the next phase of Inpark Páty.
The total modern industrial stock in Budapest and its surroundings stood at 2,081,120 sq m at the end of Q2 2018.
Total demand amounted to 59,740 sq m in Q2 2018, marking a 72% decrease over the figure noted in the same period last year and 42% decline compared to the previous quarter. Lease renewals accounted for 46.7% of the quarterly volume, while the share of new leases was 30.8%. Expansions stood for 22.5% of the quarterly volume. No pre-lease agreement was signed in the second quarter of 2018.
18 leasing transactions were recorded in the second quarter, out of which one agreement was signed for more than 10,000 sq m. The average transaction size was 3,320 sq m during the quarter. 93% of all leasing activity was recorded in logistics parks, where the average transaction size was 3,960 sq m, while the average deal size in city logistics schemes equalled 1,090 sq m.
The two largest transactions of the quarter were a lease renewal and an expansion by the same tenant. Sauflon at Prologis Park Budapest – Gyál renewed its contract on 14,110 sq m and expanded with a further 9,760 sq m. The largest new lease agreement amounted to 8,580 sq m and was signed in Prologis Park Budapest - Harbor.
The vacancy rate slightly increased by 0.7 pps q-o-q, to the current 3.5%. At the end of the second quarter a total of 73,740 sq m area was vacant, and there are only two existing schemes with more than 5,000 sq m of available warehouse space.
Net absorption totalled 25,550 sq m in the second quarter of 2018.