1 week Ago
Low availability continues to underpin Dublin’s industrial and logistics property market, according to the latest reports from both Lisney and Cushman & Wakefield. According to Lisney, despite robust levels of demand, activity in the industrial market remained slow in Q3, thus continuing the trend experienced earlier in the year. This was particularly the case for mid-to-larger warehouses of greater than 3,000 sqm.
Lisney director Cathal Daughton says industrial and logistics rents remained steady in the quarter with prime headline rate at €140 per square metre (psm) or €13.00 per square foot (psf). For large new-build units, most landlords continue to secure 10 to 15-year leases with break options at years five or 10, rent-free periods of three or four months and headline rents at €134-€140 psm (€12.
50-€13.00 psf). Rents for smaller enterprise units of sub 1,500 sqm have also remained stable with a number of deals being done in excess of €172 psm (€16.
50 psf). Lisney’s index of rents in prime and secondary industrial buildings of varying sizes across all of Dublin grew by 1.05pc in 12 months to the end of September.
Brendan Smyth, head of industrial and logistics at Cushman, said “Available space in the Dublin market rose to approximately 242,000 sqm at the end of Q3, translating into a gross availability rate of 5.2pc, but generally the market remains tight. “Furthermore, there is a dearth of grade A stock in the market – again highlighting the hurdle this has been to improved take-up across the market.
Greater supply, however, is needed over the medium term,” he added. The latest letting opportunity to come to the market is C1 & C2 Ballymount Cross Industrial Estate. Extending to 23,024 sqft, this detached warehouse and office facility benefits from a profile to the M50, loading access via three full-height automated doors, 5.
5m clear internal height, a forecourt/marshalling area to the front and car parking to the rear, as well as two-storey offices and staff facilities. Sole letting agents, Harvey, are quoting an annual rent of €250,000. Ballymount Cross Industrial Estate is located just off Ballymount Road Upper, equidistant from Junctions 9 and 10 of the M50, providing rapid access to the main arterial routes to and from Dublin city.
Neighbouring occupiers include Noyeks, MSS, McCulla Ireland and Furlong Flooring..
