Gross take-up in Q1 2023 amounted to 76,700 sq m, in line with the average for the first quarter of the last ten years. While new leases accounted for 39% of total demand, which remained stable, the overall take-up structure changed, with the share of renewals increasing to 56% and the share of pre-lets falling significantly. Demand was dominated by tenants from the professional and life sciences sectors.
Tenant activity has remained strong, with sports brands and non-food retailers such as Tedi and Sinsay showing increased interest. Nike opened its brand new 2,000 sq m store in early January and new player Sports Vision recently opened its first Hungarian store, both in Westend. Primark is scheduled to open its flagship store in Arena Mall at the end of the year.
In Q1 2023, leasing activity remained strong, with gross take-up totaling 170,400 sq m in Hungary, up 22% year-on-year, but Greater Budapest saw a slight decline in take-up on a yearly basis. On a national level, renewals accounted for 35% of total demand, while new leases accounted for 24%.