Dublin Industrial Market Q2 2019:
93,414 sq m of industrial space transacted in Q2 to bring take-up to 197,801 sq m at the half-year point – a 77% increase compared to the same period last year.
Breaking down take-up in Q2 shows that lettings comprised of 68% of activity with sales accounting for the remaining 32%. Looking at the geographical spread of activity within
Dublin, the North-West of the county had the highest market share with 52%, followed by the South-West and the North-East with 39% and 8% respectively.
In contrast to Q1, there was a lack of large deals with none greater than 10,000 sq m taking place compared to three in the opening quarter. Seven of the top ten transactions in Q2 involved secondary space with the largest deal being the sale of 7,978 sq.m at Unit BC2, Ballycoolin Business Park, Dublin 15.
The second largest letting was Kuehne + Nagel’s deal with Green REIT to build a 7,432 sq m extension to their main unit at Horizon Logistics Park, which will bring their total presence in the park to 19,250 sq m upon completion in Q1 2020. The third and fourth largest deals both took place at Blanchardstown Business and Technology Park, with Securispeed taking 6,476 sq m at Lyncon Court and DB Schenker taking 5,574 sq m at Clyde House.
There were a total of five deals in the 5,000-10,000 sq m range – the same as Q1 – but the number of deals in the 2,500-5,000 sq m size bracket more than doubled quarter on quarter – 10 versus 4 such that this market segment grew from 16% to 39%.