BUDAPEST: The vacancy rate of the Budapest industrial market has decreased by 6.8% as compared to first quarter last year, reaching 14.5% in Q1 2015 and continuing a six-quarter trend, according to a JLL press release issued today.
Despite a drop in take-up volume from the last quarter of 2014, the first quarter of 2015 has shown a 55% improvement compared to the first quarter of the previous year.
“The Budapest industrial market has shown an unprecedented improvement during the last year. This has obviously been recognized by foreign investors as well and garnered increasing interest towards industrial assets. Due to the favorable market environment, demand for development sites may gather momentum and new entrants may appear on the market,” said Rita Tuza, Head of Research at JLL Budapest.