15
July
2010
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00:00
Europe/Dublin

MOMENTUM IN INDUSTRIAL LETTING AND SALE ACTIVITY SLOWS IN Q2 2010

July 16th, 2010 -- According to CBRE’s latest Dublin Industrial Market View for Q2 2010, the Dublin industrial market saw a decline in industrial take-up on both a quarterly and annual bases over the last 3 months. Take-up – both sales and lettings – came to only 19,364m2 in Q2, with 98% of take-up occurring through lettings. Take-up in Q2 2010 was down approximately 50% compared to Q2 2009, but remained above the all-time low take-up levels seen at the start of 2009. Despite the slowdown in lettings and sales in the three months ending in June, the take-up seen in Q2 2010 brings take-up for the first half of the year to 77,232m2, an increase of approximately 43% on the same period in 2009.

According to Garrett McClean, Director of Industrial at CB Richard Ellis, “Thanks to the strong start to the year, 2010 has so far been a better year for industrial letting activity in Dublin than 2009, despite the slowdown in Q2. While we’re disappointed that take-up in Q2 wasn’t stronger, there are a number of large lettings currently being finalised in Dublin that will boost take-up in Q3.”

There was only one industrial sale in Dublin during the quarter, with the vast majority of industrial occupiers favoring short-term and flexible leases. The southside of the River Liffey resumed its dominance of the Dublin industrial property market, with 63% of take-up activity occurring within the Dublin South West (N7 & N81), Dublin South East (N11), and Dublin South City districts. Rents experienced more downward pressure in Q2, with prime headline quoting rents standing at €82 per square metre at the end of the quarter. Prime industrial yields remained stable at 9%.

ENDS

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CONTACTS
Marie Hunt
Director of Research,CBRE
Tel:+353 1 618 5543
Mobile:+353 87 2727115
Email:marie.hunt@cbre.com

Guy Hollis
Managing Director,CBRE
Tel:+353 1 618 5560
Email:guy.hollis@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



Dublin Industrial Marketview Q2 2010
Dublin Industrial Marketview Q2 2010