Leading industrial developer Panattoni has started construction of its first speculative logistics project in Hungary to tap the surge in demand for last-mile facilities around the capital Budapest.
Panattoni Park Budapest City West is a 17,300 m2 last-mile logistics warehouse located in Törökbálint, about 12 kilometres from Budapest city centre. The launch of the development follows the company’s market debut in Hungary at end-2021 with the acquisition of two land sites totalling 100,000 m2 near the capital.
Panattoni is targeting zero carbon emissions from 2025 and a BREEAM ‘Very Good’ sustainability certification for the property. Budapest-based Építo Zrt has been selected as the general contractor of the project. Completion is slated for Q1 2023.
Panattoni Park Budapest City West is located close to the M0 ring-road with excellent transport links to the rest of the country and the M1/M7 motorways to Vienna and Zagreb.
László Kemenes, head of Panattoni Hungary, said: ‘We entered the Hungarian market because we see a huge opportunity to tap into the rising demand for modern, sustainable distribution centres.
‘The local logistics real estate market is far less developed than in neighbouring countries and the last-mile segment in and around Budapest is particularly underserved. With this development we are focusing on occupiers seeking high quality space in smaller sized lots, located very close to the city.’
