06
February
2011
|
00:00
Europe/Dublin

DUBLIN INDUSTRIAL TAKE-UP GREW BY 29% IN 2010

CB RICHARD ELLIS DUBLIN INDUSTRIAL MARKET VIEW Q4 2010

9 February 2011 – Property consultants CB Richard Ellis today released their Dublin Industrial Market View Q4 2010, which details growth on both an annual and quarterly basis in the Dublin industrial lettings and sales market. Lettings and sales of industrial property combined achieved a quarterly take-up of 54,767m2 in Q4 2010, representing a 35% increase on the activity recorded in Q3 and an increase of 2% over the same quarter of the previous year. This quarterly take-up brings the 2010 total to 172,621m2, representing a growth in Dublin industrial take-up of 29% over the previous year.

Please see the Dublin Industrial Marketview report at the pdf link further below.

Sales accounted for a much larger proportion (43%) of overall take-up than in recent quarters due to the sale of the former Tesco facility, extending to 22,539m2 at Greenhills Industrial Estate, Dublin 24. There were 23 lettings signed in Dublin during Q4 2010 totalling 31,447m2. Excluding sales, the Dublin North City district accounted for 37% of industrial take-up, followed by the Dublin South West (N7) corridor with 24% of take-up.

Demand, as measured by the total industrial space requirements being actively sought in the market in a quarter, fell between Q3 and the end of Q4. Total requirements stood at just less than 57,000m2 in Q4, down from approximately 90,000m2 in Q3. After several quarters of stability in terms of prime rental values, prime quoting rents in the industrial sector experienced downward pressure in Q4 2010 and fell to €76 per square metre, while in secondary locations deals are being completed at rental levels far lower than the prime headline levels.

According to Garrett McClean, Director of Industrial Agency at CB Richard Ellis, Ireland “2010 was a mixed year for Dublin industrial. While an impressive level of take-up was achieved during the last 12 months (172,621m2 ) and represents an improvement on the previous year, many of the transactions comprise short-term lettings. The market saw increased downward pressure on rents at the end of 2010 and there remains a wide margin between rental levels earned for prime industrial space and rents agreed in secondary buildings and locations. The focus on this sector seems to be towards smaller lettings on short, flexible leases and we expect this trend to continue through 2011. ”

ENDS



CBRE CONTACTS

Marie Hunt
Director of Research
Tel:+353 1 618 5543
Mobile:+353 87 2727115

Email:marie.hunt@cbre.com
Garrett McClean
Director, Industrial Agency
Tel:+353 1 618 5557


Email: garrett.mcclean@cbre.com



About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our website at www.cbre.com.

In Ireland, with offices in Dublin and Belfast, CB Richard Ellis is the country’s largest commercial real estate services company, now employing over 100 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, project management, consultancy, valuations and research. CB Richard Ellis Ireland has been listed among the top 50 Best Workplaces in Ireland, 2010, for the sixth year running. Please visit our website at www.cbre.ie or www.cbre.ie/ni



Industrial Marketview Q4 2011
Industrial Marketview Q4 2011