Take up of industrial space in Dublin was just over 28,000 sqm in Q4, according to the latest report from Savills into the industrial market in the capital.
This was weaker than expected after take-up of 35,000 sqm in Q3 – up from 26,800 sqm in Q2. Overall take-up was approximately 141,000 sqm in 2011, 35% less compared to 2010.
Demand for space in southwest Dublin dominated activity in Q4 as was the trend throughout the year, with 40% of total Q4 take-up in that location.
The south-east region accounted for only 6% of total annual take-up but performed well in Q4 at 15%, helped by two relatively large deals of approximately 1,852 sqm in Harold’s Cross and just under 1,200 sqm in Sandyford Industrial Estate.
Meanwhile the northwest region accounted for 21% of total take-up in 2011.
Savills say the expect market conditions to remain challenging in 2012 with take-up forecast to be in the region of 125,000-175,000 sqm.
Joan Henry, Head of Research for Savills, said: “Market conditions in the industrial sector remain challenging as high vacancy levels drive competitive rents and lease terms. The ICT sector continues to drive activity with overall take-up levels expected to remain stable for 2012.”
For further details on the report check out www.savills.com/research