New research from property adviser Savills Ireland has revealed that 549,000 square feet of industrial and logistics space transacted in Dublin during the second quarter 2021, an increase of 22 percent during the same period in 2020.
This brings the half-year total to 980,000 square feet, which is the lowest first-half take-up recorded since 2011. With the vacancy rate standing at an all-time low of 1.2 percent at the start of the second quarter, it is a lack of supply rather than demand that has led to such low levels of take-up. Only one new building reached practical completion in the second quarter, Unit 632 Northwest Logistics Park, a 60,000-sqaure-foot unit, which was let in the same quarter it was completed. In total, there were 45 transactions, only 12 of which were sales reflecting the continuing lack of freehold opportunities available on the market.
Gavin Butler, director of industrial and logistics for Savills, said, “Third quarter will see the delivery o
