Industrial: Steady as she goes
The Dublin Industrial and Logistics market enjoyed another positive quarter in Q2 2023 with approximately 61,000 square metres of space taken up across 25 deals, slightly above the Q2 average over the past five years. Momentum remains strong in the sector with nearly 350,000 square metres of space taken up in the past twelve months
Download Dublin Industrial Marketbeat to get the full picture.
Office: take-up has remained subdued
Take-up in the Dublin office market remained subdued in the second quarter of the year. Total take-up came in at approximately 42,000 square metres, roughly in line with underlying levels for Q1 but generally speaking take-up trends have been softer compared to the first half of 2022 as global economic headwinds have stiffened. The central business district (CBD) remained popular with occupiers and accounted for almost 40% of overall Dublin take-up during the quarter although it was heartening to see some deals emerge outside of the CBD.
- Larger deals were relatively thin on the ground in Q2 with the top five accounting for over 40% of Dublin take-up in the period.
- Headline availability rates eased slightly in the second quarter of the year with the overall rate for Dublin and the CBD coming in at 14.9% (previously 16.6%) and 14.6% (previously 17.5%) respectively.
- We estimate that approximately 381,500 square metres of office space was under construction at the end of the second quarter compared to 347,000 square metres at the end of Q1.
Download Dublin Office Marketbeat to get the full picture.
