Property Year In Review

Challenges and opportunities shape Dublin’s industrial and logistics property market

With only nine speculative building starts for 2023, completions next year will likely fall below 1.2 million square feet

The largest transaction in Dublin involved the letting of 287,000 square feet to the third-party logistics company Wincanton at Greenogue Logistics Park, designated as Ikea’s main distribution hub for Ireland

Following two extremely buoyant years, 2023 brought more challenges to the Dublin industrial and logistics property market. The post-pandemic consumer boom had waned, interest rates and inflation continued to escalate and international demand for Irish exports declined.

In this context, the forecasted take-up of 3,000,000 square feet (about 278,710 square metres) for the year is impressive, especially given the backdrop of a vacancy rate of less than 2 per cent.

The largest transaction in Dublin ...