CTPark Network Now Covers Entire Budapest Region
Recently, the vacancy rate decreased to an historic low of 2.4% around Budapest. Out of this, pure logistics space vacancy declined to 1.4%! Meanwhile, rents have increased by 13.3 % in 2018 (due to construction cost increases and low vacancy) and this effectively means that no new warehouse is available around Budapest below 4.6 €, and rent is still increasing.
CTP does not like to rest on its laurels, but has expanded its landbank to accommodate future projects by acquiring various sites totaling nearly 35 ha around Budapest in strategic locations. We have now over 66,000 m2 of new industrial development in progress around Budapest (CTPark Budapest West 43,000 m2, CTPark Budapest South 23,000 m2).
CTP will begin new construction around Budapest in 2019 of appx. 60,000m2. Total planned construction in Hungary to be delivered or started in 2019 is planned at 160,000 m2. Due to limited new supply and increasing demand, the CTPark Network is on the path to becoming the regional leader located in the right hotspots for businesses across CEE.