Very Strong First Quarter in the Dublin Industrial Property Market
48 industrial transactions signed during the first 3 months of 2015
Dublin, 15th April 2015 – Commercial property consultants CBRE today released statistics on the number of industrial sales and leasing transactions completed in the capital in the first three months of 2015. CBRE MarketView | Dublin Industrial & Logistics Q1 2015
According to CBRE, total take-up in the industrial sector in Dublin reached over 86,000 square metres in Q1 2015 in 48 individual transactions. 34 of the transactions completed in the quarter comprised sales with the 14 remaining transactions signed during Q1 comprising lettings.
According to CBRE, transactional activity in the industrial sector during Q1 2015 was primarily focussed along the Dublin South West (N7) corridor, which accounted for 35% of all industrial sales and lettings completed in the quarter. The Dublin North West (N2) corridor accounted for a further 33% of industrial take-up in Dublin in the period. Over 50% of all outstanding requirements for industrial accommodation in the capital at present have a preference to locate along the Dublin South West (N7) corridor with a further 24% expressing a preference to locate along the Dublin North West (N2) corridor.
CBRE point out that sourcing prime industrial investment opportunities remains challenging. According to CBRE Research, of the €1 billion of investment sales of over €1 million completed in the Irish market during Q1 2015, less than 1% comprised industrial properties.
CBRE believe that prime industrial yields in Dublin are now in the order of 6.5%.
“There was a very strong volume of activity recorded in the industrial and logistics sector in Dublin during Q1, buoyed to some extent by the closing of a number of large sales in the quarter. As a result the Q1 take-up was considerably higher than in the same period last year. Prime industrial rents also rose during the last three months and currently stand at approximately €70 per square metre. Demand remains strong and we are confident of strong underlying levels of activity in this sector over the course of the coming months, helped to some extent by an improving domestic economy”.
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CBRE MarketView | Dublin Industrial & Logistics Q1 2015
About CBRE Group, Inc.
CBRE 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 and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.