Jones Lang LaSalle recently published their research reports for Q1 2013 with a round-up of how the Dublin retail market, Irish investment market, Dublin industrial market and Dublin office market are performing.
The highlights from the report were as follows:
Dublin Retail Market – Q1 2013
- There are mixed messages from the retail sector this quarter with further store closures and examinerships matched by news of new entrants and existing retailers actively looking for space
- The underlying sentiment in the sector is however largely negative, and is impacted by weak consumer sentiment, low rents and values, short term lettings (including pop-up shops) and high levels of vacancy in some schemes.
Click here to read the full report...
Ireland Investment Market – Q1 2013
- Q1 has sustained the significant uplift in activity witnessed in the second half of 2013 but there is a slowness of supply to the market.
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Dublin Industrial Market – Q1 2013
- Industrial take-up for Q1 2013 performed strongly, with 559,731 sq.ft. transacted
- This is double the level of take-up than the same quarter last year (281,357 sq.ft.)
- Take-up in the quarter was boosted by 2 large lettings greater than 70,000 sq.ft.
- The largest deal of the quarter was Amcor Facility, Jamestown Road (75,000 sq.ft.) which JLL acquired on behalf of a client
- There were 31 deals in Q1 which is comparable to the previous quarter when there were 32
- 6% of deals were for space greater than 50,000 sq.ft. and 58% were for space less than 10,000 sq.ft.
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Dublin Office Market Bulletin - Q1 2013
- Take-up performed strongly in Q1 2013 with a total of 499,830 sq ft across 44 deals
- Take-up was significantly higher (+78%) than Q1 2012 when it totalled 280,915 sq ft across 40 deals
- The average deal size was 11,360 sq ft which is above the average for 2012 of 8,645 sq ft
- 68% of transactions were for space less than 10,000 sq.ft. with 3 larger deals over 50,000 sq ft pushing the average deal size over the 10,000 sq ft mark
- There was greater take-up in the suburbs (63%) than the city centre (37%) this quarter compared to a 50:50 split in Q4 2012
- Dublin 2 was the strongest location accounting for 30% of deals
- Quality remains an important factor for tenants, with 85% of take-up for 3rd Generation space and only 2% for 1st Generation space
- 77% of take-up was from existing companies who expanded into additional space and the remaining 23% was for relocations
- In terms of sectors, TMT continues to dominate demand, accounting for 51% of take up this quarter
- 29% of take-up this quarter was for purchases, including the largest transaction this quarter by Airtricity who purchased Red Oak South, Leopardstown
Click here to read the full report...
