Dublin Industrial and Logistics Figures Q1 2023

I&L Sector Remains the Star Performer in Irish Commercial Real Estate

April 18, 2023 10 Minute Read

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  • Despite softer economic conditions globally, a mix of international and indigenous industrial & logistics occupiers were highly active in the Dublin market in Q1
  • A total of 85,481 sq. m. of take-up was recorded in the opening quarter of the year, a 44% quarter-on-quarter rise, and 20% ahead of the 10-year Q1 average
  • Two large-scale (>9,290 sq. m.) transactions completed in Q1, with four of the top six deals consisting of pre-lettings. The average deal size was 2,670 sq. m., across 32 transactions
  • The largest deal of Q1 was at Building 2, Greenogue Logistics Park, with Wincanton signing a 10-year lease for the building, which will be IKEA’s new national distribution centre
  • Prime rents for Dublin I&L stock increased by over 4% in Q1 to €129.15 per sq. m. (€12.00 per sq. ft.), with further rental growth forecast
  • At the end of Q1, the vacancy rate across the top 36 industrial & logistics  parks in Dublin was just 1.0%
  • Investment volumes totalled €114.75m, across two transactions, with spend 50% above the 10-year quarterly average of €75m. Prime yields softened by 25 basis points to 4.75%