Take-up across the Dublin industrial and logistics market hit its lowest level since 2014 between October and December last year.
New figures from Savills Ireland shows that take up reached 745,000 sq ft in the three month period.
This is down almost 60% on the previous year.
There were just 31 deals across last year, resulting in an average deal size of 42,700 sq ft.
However, Savills said this is distorted by a single transaction of 290,000 sq ft.
According to today’s report, the fall in take-up was driven by a decline in the transactions of big-box units sized 50,000 sq ft or more. T
he number of big-box deals declined by 71% in 2024, representing a decrease of 1.5m sq ft in comparison to 2023.
The largest deal of the year occurred in the final quarter of last year, with the pre-construction purchase of 290,000 sq ft at Drake House in Dublin AirPort Logistics Park.
This was followed by the letting of 103,800 sq ft at Belgard House to Chemist Warehouse and the 96,500 sq ft letting of Building 1 in the M50 Logistics Hub to Jysk.
The vacancy rate stood at 1.8% at the end of the year, up slightly from 1.7% at the end of 2023.
This was driven by existing stock becoming vacant rather than new supply. However, 235,000 sq ft of vacant space was made available through sublet or assignment.
