- 99,173 sq m transacted in Q4 bringing take-up for 2023 to 304,585 sq m.
- In total, €503 million worth of development land traded in 2023, a fall of almost one-third compared to the €731 million that transacted in 2022.
- Take-up in 2023 was only 3% behind the five-year average of 314,144 sq m demonstrating that the market was still quite resilient in the face of heightened macroeconomic and geopolitical uncertainty.
- Demand remained strong for larger unit sizes throughout 2023 with 36% of take-up comprising of deals over 10,001 sq m.
- 57% of take-up in 2023 comprised of new, speculatively developed space, build-to-suit or pre-let units as demand for high quality and modern facilities remained robust.
- A combination of inflated build and financing costs is keeping the construction pipeline tight with just 129,721 sq m under construction (55% is already let). This will limit upside in the vacancy rate in 2024 and stimulate further rental growth this year.
If you would like to discuss this report,
you can contact
Joan.Henry@ie.knightfrank.com
or
Robert.OConnor@ie.knightfrank.com