Dublin Industrial & Logistics Q4 2023

Take-Up Remained Firm in 2023; I&L the Most Invested Sector for the First Time on Record

February 15, 2024 10 Minute Read

Final Mountpark_Q4 2023 Final

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  • Take-up in Dublin in the final quarter was the strongest of the year, totalling 96,299 sq m, nearly 20% above the long-term quarterly average for the market
  • Full-year take-up totalled just over 302,000 sq m, 6.5% below the 10-year market average
  • The largest deal of Q4 saw PRL Group agree a long-term lease with Exeter Property Group for a new 22,340 sq m facility at Aerodrome Business Park

  • Prime Dublin rents increased for the fourth successive quarter. Rents rose 2% to €139.9 per sq m (€13 per sq ft) over the last three months, a 13% increase year-on-year
  • At the end of Q4, the vacancy rate at the top I&L parks in Dublin was just 1.2%
  • The largest Irish investment deal of the year closed in Q4, Phase II at Mountpark Baldonnell was acquired by Pontegadea for €225m
  • Q4 investment in the I&L sector was €258m, and totalled €520m for the full year 2023
  • It was the first year on record that the sector accounted for the highest proportion of annual investment spend in the Irish market
  • Prime Dublin yields are now stable at 4.75% for the best-in-class stock