Take-up activity in the Dublin Industrial and Logistics market remained solid in the final quarter of the year, with a total of approximately 68,000 square metres of space taken up across 24 deals. This brought overall activity for the year to just under 295,000 square metres, close to 9% below the 20 year long run average of 323,000 square metres.
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The final quarter of 2023 saw Dublin office take-up levels largely in line with the previous quarter with just over 30,000 square metres of space taken up spread across 35 deals during the period. This brings total take up levels for 2023 to just over 144,000 square metres, approximately 24% below the 20 year long run average take up of 190,000 square metres.
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Throughout 2023 improving market fundamentals surrounding the retail sector and its asset types have contributed to increased investment volumes, which saw over €402 million invested in retail assets throughout Ireland over 36 transactions. This represents an 8% increase when compared with 2022 overall and was the highest annual total recorded in both volume and number of transactions since 2019. The most sizeable transaction of the year was the sale of a portfolio of six shopping centres in the third quarter to Davy for €74 million. Other deals of note in 2023 included the sale of a regional retail park portfolio to Realty Income for €45.9m and the acquisition of Marshes Shopping Centre Dundalk for €29 million by Davy. Retail assets accounted for close to 19% of overall investment turnover in Ireland in 2023, up significantly from just over 8% in 2022.
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Irish investment volumes in the final three months of 2023 totalled €442m with 28 deals happening in the period, effectively unchanged compared to the levels of activity seen in Q3. For many investors 2023 is most likely to be remembered for the most aggressive ECB monetary tightening cycle in history which led to significant repricing of commercial real estate assets in Ireland and further afield. This repricing had a very negative impact on investment volumes last year. For the year as a whole investment volumes amounted to €2.1 Billion, down 45% compared to 2022 and the lowest level since 2013.
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Check out our most recent Ireland H2 2023 Land Development Marketbeat and get up to date information on the sector. Irish development land activity decreases in 2023 but residential sites remain popular. Activity levels in the development land market recorded just under €246 million of transactions in the second half of 2023, spread across 52 deals, down from over €456 million recorded for the same period in 2022. This brings total investment for the year to approximately €355 million, significantly down from the €852 million recorded in 2022. Read the full H2 2023 Development Land marketbeat today.
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