In Q4 2021, five buildings with 166,350 sq m of new space were added to the Greater Budapest modern industrial stock. Three buildings were handed over in the CTParks (Budapest Airport & Budapest East), one building in HelloParks Maglód and another in GLP Sziget Logistics Centre in Szigetszentmiklós.
The total modern industrial stock stood at 2,733,870 sq m at the end of the fourth quarter.
Total demand amounted to 237,475 sq m in Q4 2021, indicating a 115% increase on the volume measured in the corresponding period of the previous year and making 2021 a record year in total demand. Take up excluding renewals added up to 173,960 sq m, which also marks a remarkable, 170% increase compared to the same period of the previous year. Pre‐leases (incl. BTS buildings) dominated the demand with a share of 49%, while renewals on existing premises accounted for 27% and new leases within the existing stock reached 24%. The share of expansions ended up below 1%.
32 leasing transactions were recorded in Q4 2021 with an average transaction size of 7,450 sq m – five of them were signed for more than 10,000 sq m. The majority of leases were still signed in big‐box logistics parks, as the city‐ logistics stock registered only three agreements. The largest transactions during the quarter were pre‐ leases: one for 62,985 sq m VGP Park BUD Aerozone
building and the other 33,110 sq m deal was signed in Inpark Páty.
The vacancy rate at the end of Q4 2021 stood at 3.2%, showing a 0.3 percentage point decrease q‐o‐q and a 1.2 percentage point increase y‐o‐y. At the end of the fourth quarter, a total of 86,760 sq m logistics area stood vacant, and there are four existing schemes which have availability of more than 5,000 sq m.
Net absorption during Q4 amounted to 169,300 sq m.
The members of BRF continue to survey the industrial speculative real estate stock outside of Greater Budapest. We have currently identified 117 buildings, representing 1,210,940 sq m. The size of the identified vacant areas outside the capital city agglomeration is 79,130 sq m, resulting in a vacancy rate of 6.5%. Total registered leasing demand during 2021 was 103,000 sq m.