The Dublin industrial market saw growth in transactional activity on both a quarterly and annual basis, according to CBRE’s latest Dublin Industrial Market View. Take-up - both sales and lettings - came to 57,868 m2, the adviser said, with 99% of take-up occurring through lettings.
The Dublin industrial market saw growth in transactional activity on both a quarterly and annual basis, according to CBRE’s latest Dublin Industrial Market View. Take-up - both sales and lettings - came to 57,868 m2, the adviser said, with 99% of take-up occurring through lettings.
Take-up in Q1 2010 was up 8% on the previous quarter and roughly three times the figure reported in the year-earlier period.
Garrett McClean, Director of Industrial at CB Richard Ellis, said the figures marked 'a strong start to 2010'. 'We’re encouraged by the quarterly and annual gain in take-up during the period. With demand again on the rise, we expect the Dublin industrial market in 2010 to surpass last year's take-up level. We are also encouraged by the fact that prime rents remained stable in Q1 2010.'
According to the IPD index, the official indicator of returns in the commercial property sector, total returns in the Irish market increased marginally by 0.4% in Q1 2010. 'Albeit a marginal increase, this is the first positive return in the Irish commercial property sector in over two years confirming that the worst of the downturn witnessed since the final quarter of 2007 is now firmly behind us,' according to Marie Hunt, research director at CBRE's Irish unit.
Hunt said the figures indicate that the downturn experienced in the UK and Irish markets in the most recent cycle corrected much quicker than in historic property crashes. She added, however, that the declines marked the most significant correction ever experienced due to 'an unprecedented global banking crisis'.