26. April 2010 
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Dublin industrial market starts 2010 with 58,000 sqm of take-up
According to CBRE’s latest Dublin Industrial Market View, the Dublin industrial market saw growth in transactional activity on both a quarterly and annual basis. Take-up – both sales and lettings – came to 57,868 sqm, with 99% of take-up occurring through lettings. There were a number of small industrial sales totalling 835m2. Take-up in Q1 2010 was up 8% on the take-up in the previous quarter and equates to nearly three times the take-up seen in the first quarter of 2009.
In a shift from the trend seen in recent months, take-up was predominantly located in the northern side of Dublin, with 48% of take-up occurring in the Dublin North East (N1/M1) and a further 31% was located in Dublin North West (N3). The Dublin South West districts, primarily along the N7 corridor, accounted for only 11% of take-up in the quarter. The report says that the N7 remains the preferred location for many potential occupiers, however, with more than 40% of existing requirements focussed on the district.
According to Garrett McClean, Director of Industrial at CB Richard Ellis, “This is a strong start to 2010. We’re encouraged by the quarterly and annual gain in take-up during the period. With demand again on the rise, we expect the Dublin industrial market in 2010 to surpass last year’s take-up level. We are also encouraged by the fact that prime rents remained stable in Q1 2010.”
In a shift from the trend seen in recent months, take-up was predominantly located in the northern side of Dublin, with 48% of take-up occurring in the Dublin North East (N1/M1) and a further 31% was located in Dublin North West (N3). The Dublin South West districts, primarily along the N7 corridor, accounted for only 11% of take-up in the quarter. The report says that the N7 remains the preferred location for many potential occupiers, however, with more than 40% of existing requirements focussed on the district.
| Major Industrial Transactions Q1 2010 | |||||||
| Property | District | Size (sqm) | Type | ||||
| Former Celestica, Balheary Road | Dublin North East (N1/M1) | 18,302 | Letting | ||||
| Northwest Business Park | Dublin North West (N3) | 12,655 | Letting | ||||
| Furry Park, Santry | Dublin North East (N1/M1) | 4,121 | Letting | ||||
| Orion Business Campus | Dublin North West (N3) | 4,116 | Letting | ||||
| Clonshaugh Industrial Estate | Dublin North East (N1/M1) | 3,252 | Letting | ||||
According to Garrett McClean, Director of Industrial at CB Richard Ellis, “This is a strong start to 2010. We’re encouraged by the quarterly and annual gain in take-up during the period. With demand again on the rise, we expect the Dublin industrial market in 2010 to surpass last year’s take-up level. We are also encouraged by the fact that prime rents remained stable in Q1 2010.”
