- 99,173 sq m transacted in Q4 bringing take-up for 2023 to 304,585 sq m.
- In total, €503 million worth of development land traded in 2023, a fall of almost one-third compared to the €731 million that transacted in 2022.
- Take-up in 2023 was only 3% behind the five-year average of 314,144 sq m demonstrating that the market was still quite resilient in the face of heightened macroeconomic and geopolitical uncertainty.
- Demand remained strong for larger unit sizes throughout 2023 with 36% of take-up comprising of deals over 10,001 sq m.
- 57% of take-up in 2023 comprised of new, speculatively developed space, build-to-suit or pre-let units as demand for high quality and modern facilities remained robust.
- A combination of inflated build and financing costs is keeping the construction pipeline tight with just 129,721 sq m under construction (55% is already let). This will limit upside in the vacancy rate in 2024 and stimulate further rental growth this year.
Robert O’Connor, Associate Director, Research,
Knight Frank Ireland
