Q3 2026: Hungarian Industrial Market REcap
Strong take-up figures, with net take-up accounting for most of the volume, contrast with a more cautious market reality. Much of the activity reflects lengthy negotiations and automotive supplier relocations, suggesting volumes may ease once these moves are completed.
Vacancy falls back to year-ago level
In Q3 2026, two new industrial buildings were completed in Greater Budapest, totalling 23,940 sq m, while a further cca. 250,580 sq m is expected to de delivered by year-end. The vacancy rate fell by 180 bps q/q to 13.0%, returning to roughly the same level as a year ago.
Net take-up remained strong
Total leasing activity (TLA) in Q1-Q3 2026 was 35% above the same period last year. Gross take-up reached 548,090 sq m, marking a new Q1-Q3 record. Importantly, this record was achieved with net take-up accounting for a relatively high 72% of TLA.
New leases still dominate net take-up
Net take-up totalled 392,210 sq m in YTD 2026. New leases continued to account for a stable 57% share, while pre-leasing activity increased quarter on quarter.
Roland Kis, Head of Industrial Agency at iO Partners Hungary
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Head of Industrial Agency at iO Partners Hungary
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Research Analyst
