In 2020, the coronavirus epidemic caused e-commerce to skyrocket and demand for warehouses increased. As in the CEE region, vacancy rates in Hungary have fallen to record lows and warehouses in less popular sub-markets and older warehouses have found new owners.

In response to the surge in demand, developers have embarked on unprecedented scale of development in Hungary to meet the new demand as quickly as possible. The development momentum has continued ever since, with supply slowly outstripping demand due to the uncertainty of the war.

In the second quarter of 2022, the stock of industrial real estate around Budapest exceeded 3 million square metres and some half a million square metres are expected to be delivered in the second half of the year. The vacancy rate has already exceeded 6% at national level, and further growth is expected by the end of the year as speculative developments are delivered. Despite the increase in supply, developers continue to raise prices as the only way to offset increased construction costs. In the Budapest area, net monthly rents for new premium logistics warehouses have risen to €5.50-6.00 per month, an increase of around 20% in a year. The most sought-after rural cities are just behind the capital, with headline rents in Győr, Tatabánya and Kecskemét also hovering around €5.00. In addition to higher rental costs, tenants also face increased energy costs and higher running costs. Uncertainty is palpable in the market and as a result negotiations have slowed down, with stakeholders waiting for the first January invoices before making decisions.

Average monthly rents

City Logistics: € 14.00/nm - € 17.00/nm /hó | Big Box: € 5.50 EUR/nm/hó

Total stock

4.490.000 nm

Vacancy rate


Currently under construction

5.75 %