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Dublin industrial property market weaker

Friday, July 18 14:21:58

Take up of Dublin industrial property was 43pc lower in the first half of this year compared to the same period a year ago, according to figures from JLL.

A total of 361,831 sq.ft of space was occupied in the Dublin industrial market this quarter across 20 deals, which is 34pc higher than last quarter.

Hannah Dwyer, Head of Research at JLL said that "Although take-up is down in the first 6 months of the year, we are aware of a number of deals that are close to signing that did not complete in time for Q2. In addition there were a number of significant industrial land purchases and investment transactions in the sector this quarter. These are not included in stats as they are not classed as 'pure' take-up of buildings. It does however highlight that there is activity for the sector from purchasers in addition to occupier activity."

Tightening of supply of prime space in core locations remains an issue, with limited choice for occupiers impacting take-up activity.

Nigel Healy, Director of Industrial added, "as demand continues to tighten, it is starting to trigger the need for new supply to the market. We are getting to the stage were some occupiers cannot find the space that they are looking for and as a result, they are forced to either take secondary quality or secondary locations. In response to supply issues, we have started to see evidence of very early signs of development. This includes land purchases and planning applications submitted for new facilities in the last 3 months."

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