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  • CBRE Dublin Industrial Market Report Q3 2009
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Feb 25, 2004 - 09:00

CBRE Dublin Industrial Market Report Q3 2009

MyHome.ie
By MyHome.ie
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CBRE Dublin Industrial Market Report Q3 2009

 

The Q3 Dublin Industrial Market Report by CBRE
  • Full Q3 Dublin Industrial Market Report

Although down on the 36,121m2 of take-up recorded during Q2 2009, take-up in the industrial property market in Dublin held up reasonably well in Q3 2009, with just over 26,000m2 of lettings and sales concluded in the sector in the three month period. In total, almost 40 industrial transactions were concluded in the quarter with the majority of those comprising lettings as opposed to sales. In fact, only 14% of take-up in the Dublin industrial market during Q3 2009 comprised sales with lettings comprising an ever-increasing proportion of take-up in this sector during these recessionary times. Properties transacted during Q3 2009 ranged in size. Although there were no transactions of greater than 9,290m2 concluded in the three month period, 47% of the industrial transactions negotiated in Q3 extended to more than 1,859m2 in size. 14% of transactions concluded in the industrial sector during Q3 ranged between 930m2 and 1,858m2 in size, 17% ranged between 466m2 and 929m2 while 22% comprised transactions extending to less than 465m2 in size.
The Dublin South West (N7 corridor) again accounted for the largest proportion of take-up in the Dublin industrial market during Q3 2009, accounting for 53% of overall take-up in the sector in the period. 17% of the sales and lettings concluded in the last three months were located on the Dublin North West (N3) corridor while 11% were located in the Dublin North East (N1/M1) corridor. Small proportions of take-up were located along other road networks in the capital with the Dublin South East (N11) corridor being the only location recording no industrial take-up in Q3.
According to our research, prime headline rents in the industrial sector in Dublin are now down more than 25% from peak, with most new buildings now commanding rents of less than €100 per square metre. While most of the rental decline has already taken place in this sector, downward pressures remain, particularly for older buildings or industrial premises along routes with significant excess supply. Against this backdrop, there is only limited new supply scheduled to come on stream in the industrial sector for the foreseeable future.
Prime yields in the industrial investment market remain consistent at approximately 9.0% although there have been no investment transactions recorded in this sector for some time, with most investors focussing their attention on prime office and retail opportunities.



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