Office
After a dynamic Q3, transactional activity remained robust in Q4, with renewals accounting for over 50% of the transactions during the last quarter. Year-to-date, gross take-up reached 464,570 sq m, reflecting a noteworthy 19% year-on-year growth, showcasing a resilient rebound from the pandemic's impact. Annual net take-up also displayed a 21% increase.
Retail
Moody’s projects a 7.8% annual decline in retail sales in Hungary for 2023, followed by a moderate improvement of 3.1% in 2024. This projection accounts for the notable impact of a high base effect from the government's 2022 tax rebate. As inflationary pressures eased, signs of recovery surfaced towards the year-end. Notably, online retail sales saw an uptick, constituting 8.1% of total sales from January to November.
Industrial
In 2023, the Hungarian L&I market experienced a significant growth spurt, witnessing the addition of 517,800 sq m of new logistics space. This expansion translated to a remarkable 12% increase in total stock compared to Q4 2022.
