- Take-up in the Dublin industrial and logistics market totalled approximately 60,000 sq m for the second consecutive quarter.
- Take-up for the year so far now stands at 205,412 sq m, 33% lower than the 307,729 sq m that transacted during the same period last year, as more cautious market sentiment, driven by macroeconomic headwinds and geopolitical uncertainty, has moderated occupier decision making.
- That said, there is a healthy level of reserved stock (in excess of 50,194 sq m) and a significant quantum of active requirements (one in particular extends to 37,161 sq m while another ranges between 36,697-48,310 sq m) which suggest that demand remains robust despite the more challenging business environment.
- The vacancy rate remains remarkably low despite edging closer to 2.0% in Q3, driven by an increase in second-hand stock being returned to the market. Prime rents rose to €140 psm in Q3.
- €86.6m worth of logistics and industrial assets transacted across eight deals in the Dublin market in Q3, accounting for 19% of overall investment activity. Spend for the year so far stands at €249.9m, just over half of the €445.3m that transacted during the same period in 2022. Prime yields stood at 5.00% at the end of Q3.
