DUBLIN OFFICE MARKET REVIEW AND OUTLOOK 2019 WITH SPECIAL FOCUS: THE TECH SECTOR IN DUBLIN - Knight Frank
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
RESEARCH DUBLIN OFFICE MARKET REVIEW AND OUTLOOK 2019 WITH SPECIAL FOCUS: THE TECH SECTOR IN DUBLIN OCCUPIER TRENDS INVESTMENT TRENDS MARKET OUTLOOK
SUMMARY REVIEW AND
1. Ireland was the fastest growing
OUTLOOK 2019
economy in Europe for a fifth Facebook’s 870,000 sq ft mega deal at Ballsbridge
consecutive year in 2018,
expanding by an estimated 6.8%
drives annual take-up to the highest level ever achieved.
2. Take-up reached 3.9 million sq ft Economy Occupier market
in 2018 – the highest level ever According to the European Commission’s Occupier activity expanded for a sixth
Winter Economic Forecast, the Irish consecutive year in 2018 establishing a
3. Prime Grade-A rents remained economy is estimated to have expanded new record for the highest level of letting
by 6.8% in 2018 making it the fastest activity ever recorded in the Dublin office
unchanged in 2018 at €62.50 psf
growing economy in Europe for a fifth market as 3.9 million sq ft transacted. This
consecutive year. This robust represents an 8% increase in comparison
4. Prime yields remained stable at performance saw the unemployment
4.00% throughout 2018 rate continue its downward trajectory, FIGURE 2
falling to 5.7% at the end of 2018, down Office take-up sq ft
5. 2.0 million sq ft of office space from 6.2% the year previous. Looking
ahead, economic activity is anticipated 4,000,000
was completed in 2018 with 2.2
million sq ft projected for 2019 to advance at a relatively solid pace in
3,500,000
2019, with the European Commission
projecting that the economy will grow by 3,000,000
4.1% this year.
2,500,000
While this growth outlook is heavily
contingent upon a soft Brexit, Ireland is 2,000,000
currently forecast to be the second
1,500,000
fastest growing economy in Europe along
with Slovakia – with Malta occupying the 1,000,000
top spot. Additionally – in what will be
positive news for the office market – the 500,000
Central Bank is also suggesting that the
0
labour market recovery is far from
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
complete, forecasting that 50,000 jobs
will be created this year. Source: Knight Frank Research
FIGURE 1
Ireland vs EU-28 GDP growth rates
KNIGHT FRANK VIEW ON RISK
8%
FORECAST
7%
Of all the risks that face the office occupancy ratio of 130 sq ft per
6% market, the potential for overbuilding worker and an obsolescence rate of
will always be the most analysed. 1% for existing stock, this equated
5%
Looking back at demand in 2018, to demand for 2.1 million sq ft of
the Central Statistics Office’s Labour new office space. Therefore, the
4%
Force Survey showed that 50,500 2.0 million sq ft of new office stock
3% jobs were created in Ireland last delivered in 2018 was approximately
year, of which 25,900 (or 51%) in-line with estimated demand.
2% were located in Dublin. Given that Looking ahead, with similar job
office based employment accounts creation of 50,000 expected this
1% IRELAND for half of new jobs, an estimated year, the 2.2 million sq ft due for
EU-28 12,950 new workers took up office delivery in 2019 also looks to be
0
2016 2017 2018 2019 2020 space in Dublin in 2018. Using an approximately in-line with demand.
Source: EU Commission
2DUBLIN OFFICE MARKET REVIEW AND OUTLOOK 2019 RESEARCH
was the second largest sector with
FIGURE 3 FIGURE 5
13%. This was driven by the expansion Dublin prime office rents
Take-up by location
of WeWork who took 343,000 sq ft € per sq ft per annum
2% across Charlemont Exchange, No. 2
Dublin Landings, Central Plaza and 5 €70
NORTH SUBURBS
Harcourt Road.
€60
The Finance sector accounted for the next
€50
WEST highest market share with 12%, followed
SUBURBS
SOUTH by the State and Professional Services,
SUBURBS 7% €40
both of which had 7%. Looking ahead to
11% 2019, occupier demand is forecast to
€30
FRINGE remain strong, however the volume of €20
7% take-up is likely to moderate in
€10
comparison to 2018. Furthermore, there
CITY CENTRE may be renewed upward pressure on
72%
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
prime rents, particularly in the City Centre
given that 60% of the pipeline that will be
Source: Knight Frank Research
delivered there is already let.
Development market
Source: Knight Frank Research
FIGURE 4 2.0 million sq ft of new and refurbished
to the 3.6 million sq ft that was let in 2017. Take-up by sector office space was completed in 2018,
Prime rents remained stable throughout representing the largest quantum to be
the year at €62.50 psf while the vacancy
rate contracted to 6.2%, down from
2% 1% delivered this cycle. Notable completions
included Kennedy Wilson’s Capital Docks,
6.8% a year previously. 3% Starwood/Chartered Land’s Seamark
7% Building and the Clancourt Group’s Three
An extraordinary 72% of take-up was 12% Park Place which comprised of 340,000
concentrated in the City Centre, much 13% sq ft, 182,500 sq ft and 175,000 sq ft
higher than the 5-year average of 56%.
respectively. In 2019 we predict output to
While Dublin 2 accounted for the majority 7%
of take-up with a 34% market share, 5% rise by 10% to 2.2 million sq ft.
the City Centre’s increased share was However, in the City Centre, supply is
driven by the improved performance expected to be more constrained with only
of Dublin 4 which comprised 30% of 1.4 million sq ft due to be delivered
occupier activity – a fivefold increase in compared to the 1.7 million sq ft that was
comparison to 2017. This was largely completed in 2018. The reduction in the
due to Facebook’s decision to create a 52% City Centre will be more than offset by the
new 870,000 sq ft campus at Ballsbridge. greater focus on suburban development
Elsewhere in Dublin 4, Google acquired TMT FINANCE STATE where 800,000 sq ft is expected to be
Bolands Quay which will incorporate PROFESSIONAL EDUCATION COWORKING delivered. Notable developments include
SERVICES
220,732 sq ft of office space upon PHARMA MEDICAL OTHER
Two and Three Dublin Airport Central
completion later this year with the (207,000 sq ft), Nova Atria South (175,000
development providing a strategic Source: Knight Frank Research sq ft) and One South County (141,000 sq ft).
expansion of the company’s existing
footprint at Barrow Street. Outside of the
City Centre, Google also made it’s first Top 5 office take-up deals of 2018
foray into the Sandyford office market
Property Tenant Sector Size (sq ft)
with deals at the Chase and the
Blackthorn Building of 52,925 sq ft and Facebook Campus, Ballsbridge, Dublin 4 Facebook TMT 870,000
48,522 sq ft respectively. The South
Bolands Quay, Dublin 4 Google TMT 220,732
Suburbs had an 11% market share while
the Fringe and the West Suburbs both Blocks A-D, Charlemont Exchange, Dublin 2 WeWork Coworking 120,618
comprised 7%.
1 Sir John Rogerson's Quay, Dublin 2 Hubspot TMT 113,034
While TMT was the standout performer
Three Park Place, Dublin 2 IDA State 112,000
accounting for 52% of the market, 2018
saw rapid growth in Coworking, which Source: Knight Frank Research
3DUBLIN OFFICE MARKET REVIEW AND OUTLOOK 2019 RESEARCH
TOP TAKE-UP, INVESTMENTS AND DEVELOP MENTS IN 2018
ER
D
OA
PP
RR
U LA
TU
RC
EE
PO
CI
R
LL
RT
HI
ST
H
LA
RT
KEY ER
ET
ND
NO M M
The Beckett Building
RS
SU
RO
DIT
MA
DO
Date: Q2 2018
W
TAKE-UP GRANGEGORMAN
NO
Yield: 4.15%
Price: €101,000,000
R
INVESTMENTS 13-18 City Quay
ST
Purchaser: Kookmin Bank
R
DEVELOPMENTS Date: Q3 2018
EE
CONNOLLY
IL L
Type: Development
No.2 Dublin Landings
T
DART RAIL LINE Owner: Irish Life STATION
TI O N H
Date: Q2 2018
Space Delivered: 117,757 sq ft No.2 Dublin Landings
LUAS TRAM LINE
GAR
Type: Development
Date: Q1 2018
The Infinity Building Owner: JR AMC
LUAS TRAM LINE Rent: €50.00 psf
DIN
T ITU
O’CO
Space Delivered: 99,500 sq ft
EET
Date: Q4 2018 Take-up: 99,500 sq ft
ER
Yield: 5.18%
New Century House Tenant: WeWork
STR
S
NNEL
Price: €56,600,000
CON
STR
Date: Q3 2018 Sector: Coworking
Purchaser: Credit Suisse No.2 Dublin Landings
NS
Yield: 4.02%
ET Date: Q4 2018
EET
CH
L STR
RE Price: €65,300,000
IE
ES T SHERIFF ST Yield: 4.21%
LS
AM
TE Purchaser: Credit Suisse REET UPPE
N EL
LOW
HENRY Price: €106,500,000
RF R
PA R
EET
IEL Purchaser: JR AMC
STREET
ER
PHOENIX D
AV
L
EAST WALL ROAD
THE
HALL P
PARK E
TREET
CONVENTION
CENTRE
SMITHFIELD
QUEEN S
CONYNGHAM ROAD
BLACK
UAY 3ARENA
N Q
EDE
HEUSTON No.1 Dublin Landings No.1 Dublin Landings
R GES QUAY CITY Date: Q1 2018
STATION GE O QUAY
Date: Q1 2018
VICTORIA QUAY Type: Development Yield: 3.94%
ARR Owner: Triuva Price: €165,250,000
AN Q
USH UAY 1 Sir John Space Delivered: 143,967 sq ft Purchaser: Triuva
ER’S
QUA QUAY Rogerson’s Quay
Y WOOD Date: Q4 2018
Y PASS 31-36 Golden Lane
OD B TRINITY Rent: €59.75 psf GRAND CANAL
LIZ
B RI D E S
Date: Q2 2018
APE COLLEGE Take-up: 113,034 sq ft
ENERGY THEATRE
H Yield: 5.26% Tenant: Hubspot
C 1 & 2 HSQ DUBLIN
G
Price: €25,500,000 Sector: TMT
Date: Q1 2018
Yield: 4.88%
Purchaser: KGAL TR
EE
T
One Central Plaza 5 Hanover Quay
Price: €176,000,000 THOMA Date: Q2 2018
S ST PEAR Date: Q2 2018
SOUTH CIR CULAR
Purchaser: CK Properties Ltd REE Rent: N/A S
T E STR Type: Development
Take-up: 74,000 sq ft EET
13-14 Aungier Street T
Owner: TIO
PATRICK STREE
Tenant: WeWork The Sharp Building Space Delivered: 162,783 sq ft
EET
Date: Q4 2018 Sector: Coworking Date: Q3 2018 Capital Dock
STR Yield: 4.15% Yield: 4.43%
ES
STREET
Date: Q4 2018
M GRAFTON
T
J A Price: €15,000,000 Price: €56,300,000
RE S
Type: Development
Purchaser: Private Irish STREET Purchaser: Credit Suisse Owner: Kennedy Wilson
ROAD
E
A
HAM GR
AN
KILD
Space Delivered: 339,613 sq ft
OLD KIL MAIN EL AN
N
ROAD
N D
OWBO
DAWSO
RR CA
MA GOVERNMENT NA
MO LS
BUILDINGS MERRION UN TL The Reflector
KEV SQUARE TS OW
IN S TR ER Date: Q4 2018
TRE EE
ET TL Type: Development
UPP OW Owner: Park Developments
Three Park Place ER One Grand Canal Quay ER Space Delivered: 123,000 sq ft
ST STEPHEN’S Date: Q3 2018 Bolands Quay
E
Date: Q2 2018
AC
Rent: N/A Rent: N/A Date: Q2 2018
GREEN UE
CUFFE ST BATH AVEN
R
Take-up: 58,000 sq ft
ET Take-up: 112,000 sq ft Rent: Purchase
TER
RE Tenant: Google Take-up: 220,732 sq ft
ST Tenant: IDA
RK Sector: TMT
RT
Sector: State Tenant: Google
CO
S FO
Sector: TMT
DO
BA
R
NO
SOU
RL
PE
GG
TH
RE
EA
C
OT
UP
IRC
LE
Three Park Place
AV
UL AVIVA STADIUM
ST
AR
ES
ET
ST
EN
ROA Date: Q2 2018
RD
LO
NO
CAMDEN STREET LO
ON
RE
D Type: Development ON
UE
IAM
DO T
W
ING
SHELB
RTH
ST
LP Owner: Clancourt Group
ER
ST
HIN DD
ILL
Space Delivered: 175,000 sq ft HA
S IL
RO
UM
LO
ZW
HATCH STR
RAS
AD EET
WE
OURN OAD
BER
FIT
B
R
CLAN
L
AND
10 Molesworth Street
ER
Date: Q1 2018 Two Haddington Buildings PEMBR
O
RO
Type: Development Date: Q1 2018 K E RO
CH
AD
WER
A
Owner: IPUT Yield: 5.40%
AR
D
Blocks A-D,Charlemont Space Delivered: 115,000 sq ft Price: €24,000,000
LE
Exchange Purchaser: Quadoro Doric
M
ON
Date: Q4 2018
Facebook Campus
T
Rent: €55.00 psf
UE
ST
Take-up: 120,618 sq ft Date: Q4 2018
N
Tenant: WeWork Rent: N/A
AVE
Sector: Coworking Take-up: 870,000 sq ft
RA
LE Tenant: Facebook
TIN E
NE
ES Sector: TMT
ON
L AG
ST
EN
UP
H RO
RP
PE
SE
R
AD
Note: All areas and delivery times noted above are approximate estimates only and subject to change
4 5Investment
3 OF THE
respectively. Significant transactions
included Spear Street Capital’s
€3.6 billion worth of investment purchase of the Belfield Office Campus
TOP 5
transactions changed hands in 2018, for €90.0 million and the purchase of
60% ahead of the 2017 spend of One and Two Gateway for €29.0 million
€2.3 billion. Office investment sales
by Yew Grove REIT. These deals were
DEALS
accounted for the largest proportion of
also emblematic of the increasing
investor activity with 40% of the market
investor appetite to deploy capital in
or €1.5 billion, of which 89% or €1.3
non-core markets where there is greater
billion was concentrated in Dublin.
potential for value-add plays. Looking
The emergence of institutional capital were acquired by
ahead to 2019, office investment
from Asia was a key feature of the market Asian buyers
volumes are likely to remain buoyant
in 2018. Asians accounted for 37% of the
as the pipeline of newly completed and
total spend and were responsible for
let office stock comes to the market
three of the top five acquisitions. This
for sale.
included the largest office transaction of
the year, namely the sale of 1 and 2 HSQ
to Hong Kong based CK Properties Ltd
for €176.0 million. FIGURE 7 FIGURE 8
The other deals were executed by Korean Dublin prime office yields Buyer and vendor source
money, namely the purchase of No.2
US IRELAND UK
Dublin Landings for €106.5 million by JR 8% ASIA EUROPE
AMC and the acquisition of the Beckett
7%
Building for €101.0 million by Kookmin 13%
Bank. European buyers were the most BUYERS
6% 2%
active source of capital however,
accounting for 38% of the market spend. 5%
The largest purchase by a European 12% 18%
4%
2%
buyer was the sale of No.1 Dublin
37%
landings to Triuva for €165.3 million.
3%
50% 28%
Buyers from Ireland and the United
States accounted for the rest of the 2% VENDORS
market with a 13% and 12% share
1%
0 38%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
FIGURE 6
Irish commercial investment
volumes € million Source: Knight Frank Research Source: Knight Frank Research
5,000
Top 5 office investment transactions of 2018
4,000
Property Seller Buyer Approx. price
Northwood
1 and 2 HSQ, Dublin 8 CK Properties Ltd €176.0m
3,000 Investors
No.1 Dublin Landings, Dublin 1 Ballymore/Oxley Triuva €165.3m
2,000
Off-market asset swap of
Confidential Confidential €160.0m
properties in Dublin 1 and Dublin 2
1,000
No.2 Dublin Landings, Dublin 1 Ballymore/Oxley JR AMC €106.5m
The Comer
0 The Beckett Building, Dublin 3 Kookmin Bank €101.0m
Group
2006
2018
2005
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Source: Knight Frank Research Source: Knight Frank Research
6DUBLIN OFFICE MARKET REVIEW AND OUTLOOK 2019 RESEARCH
SPECIAL FOCUS:
THE TECH SECTOR IN DUBLIN
Last year in our Review and Outlook for 2018, we examined the importance of the tech sector to
Dublin’s office market, with a particular focus on Mega-Cap Tech companies. With their influence
only growing further over the past year, we have decided to revisit our analysis, while also
expanding it to include the next tier of tech firms active in Dublin. We focus our analysis on
central Dublin, where the majority of these firms are located.
MEGA-CAP TECH FIGURE 10
Dublin, we are likely to see this projected
footprint grow further.
As illustrated in Figure 9, 2018 was Growth of Mega-Cap Tech footprint
the strongest year yet for the Mega- in Dublin sq ft
Cap Tech firms in Dublin (valuation 1,200,000 GOOGLE
MID/LARGE-CAP TECH
greater than $200Bn, includes Google, FACEBOOK These are tech firms that are publicly
Facebook, Microsoft/LinkedIn and 1,000,000
MICROSOFT/LINKEDIN listed with a market capitalisation of
AMAZON
Amazon with Apple the only absentee) between $2Bn and $200Bn. Typically,
with 1.3 million sq ft of office space 800,000 they are leaders in their business segment
taken-up, representing a 56% increase and at a relatively mature stage of
on the record setting 2017. Facebook’s 600,000 development but still experiencing strong
creation of a new 870,000 sq ft campus growth. Salesforce is one such firm.
in Ballsbridge (staggered occupation, 400,000 Although publicly listed since 2004, its
full project completion due in 2022) was growth has accelerated in recent years
the main driver of this and supported by 200,000 and rose to prominence in Dublin in 2018
Google’s taking of 380,170 sq ft across with the letting of 430,000 sq ft at Spencer
four transactions in 2018. The most high- 0 Place (agreed in 2018, signed early 2019).
Pre 2010
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
profile of these was the forward purchase
Hubspot is another firm undergoing fast
of the 220,732 sq ft Bolands Quay on
growth in Dublin, most recently taking
Barrow Street (completion due in 2019) Source: Knight Frank Research
113,000 sq ft at Hibernia REIT’s 1 Sir John
which underlined the long-term strategic
at the end of 2018 to 3.0 million sq ft by Rogerson’s Quay in 2018. This represents
importance of Dublin to the company.
2022. It includes LinkedIn’s new 152,000 their latest expansion in Dublin since their
Taking these pre-commitments into sq ft office at One Wilton Park which is IPO in 2014, adding to their existing holding
account, Figure 10 outlines how the being constructed by IPUT with delivery of 73,000 sq ft at One and Two Dockland
footprint of these large tech occupiers is set due for 2020. With Amazon reportedly Central. Next door at 1WML, new entrant
to grow from the 2.1 million sq ft occupied looking at expanding their presence in Autodesk took 48,484 sq ft in 2018 while
LogMeIn took 40,000 sq ft at The Reflector
at Grand Canal Dock. Workday in Smithfield
FIGURE 9
remain one of the largest occupiers in
Mega-Cap Tech take-up sq ft
Dublin, having taken 170,000 sq ft in 2015.
1,500,000 GOOGLE FACEBOOK MICROSOFT/LINKEDIN AMAZON Meanwhile, Dropbox and Docusign
– both of which went public in 2018 –
1,200,000 have bases at One Park Place (83,345
sq ft) and Cumberland Place (31,926
sq ft) respectively. Start-ups that were
900,000
previously earmarked to go public
but were bought by larger companies
600,000 include Indeed (acquired by Japanese
company Recruit in 2012), Jet.com
300,000 (bought by Walmart in 2016) and most
recently Qualtrics (bought by SAP
in November 2018 in advance of an
0
Pre 2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 expected IPO). These companies have
Source: Knight Frank Research let 211,393 sq ft at Capital Dock, 30,000
7sq ft at 40 Molesworth Street and 53,507 45,000 sq ft at the One Building on Grand RESEARCH
sq ft at 1 Clarendon Row/Chatham and Canal Street since 2015. Newcomers John Ring, Head of Research
King respectively. Coinbase entered the Dublin market in +353 1 634 2466
john.ring@ie.knightfrank.com
2018, with the crypto currency exchange
TECH UNICORNS taking 19,000 sq ft at the Exchange in Robert O’Connor, Research Analyst
+353 1 634 2466
the IFSC. The largest Tech Unicorn in
‘Tech Unicorns’ are start-up companies robert.oconnor@ie.knightfrank.com
Dublin is Airbnb and they took 40,000
that have a valuation of $1 billion or more.
sq ft in 2018 at The Reflector in Grand CAPITAL MARKETS
Typically, these companies are rapidly
expanding and expected to go public in Canal Dock, located next to their EMEA
Adrian Trueick, Director
the coming years. Irish founded Intercom HQ which is of a similar size. On a more +353 1 634 2466
is one such company and who took modest scale, other companies that have adrian.trueick@ie.knightfrank.com
15,145 sq ft at Stephen Court last year, taken space in 2018 include Asana, who Peter Flanagan, Director
adding to the 50,000 sq ft they took in took 5,200 sq ft at the newly completed +353 1 634 2466
the same building in 2016. Another Irish Three Park Place. They join fellow Unicorn peter.flanagan@ie.knightfrank.com
company, Stripe, are the largest Fintech Slack who took 29,222 sq ft at One Park Ross Fogarty, Director
Unicorn in the world and have occupied Place in 2016. +353 1 634 2466
ross.fogarty@ie.knightfrank.com
Large/Mid-Cap & Unicorn tech firms in central Dublin OFFICES
Arranged by market capitalisation
Declan O’Reilly, Director
+353 1 634 2466
Size Company Primary Market cap/ Approx. space declan.oreilly@ie.knightfrank.com
business line est. value (Bn)* occupied in Dublin
Paul Hanly, Director
150,000 sq ft,
Large-Cap Salesforce CRM €91.5 commmitted to +353 1 634 2466
430,000 sq ft by 2021 paul.hanly@ie.knightfrank.com
Large-Cap Workday Enterprise resource planning €30.7 170,000 sq ft Jim O’Reilly, Director
Large-Cap Autodesk 3D design software €24.6 48,000 sq ft +353 1 634 2466
jim.oreilly@ie.knightfrank.com
Large-Cap Twitter Social media €19.1 85,000 sq ft
Gavin Maguire, Associate Director
Mid-Cap Dropbox Cloud storage €7.3 83,000 sq ft
+353 1 634 2466
Mid-Cap Docusign Cybersecurity €5.8 32,000 sq ft gavin.maguire@ie.knightfrank.com
Mid-Cap Zalando E-commerce €5.7 19,000 sq ft Mark Headon, Associate Director
Mid-Cap Zendesk Customer service €5.5 58,000 sq ft +353 1 634 2466
mark.headon@ie.knightfrank.com
Mid-Cap Hubspot Inbound marketing €4.3 186,000 sq ft
David Reddy, Associate Director
Mid-Cap LogMeIn Remote access work €3.6 40,000 sq ft
+353 1 634 2466
Former Unicorn Indeed Jobs portal n/a 211,000 sq ft david.reddy@ie.knightfrank.com
27,000 sq ft, committed
Former Unicorn Qualtrics Surveying n/a
to 54,000 sq ft by 2020
Former Unicorn Jet.com E-commerce n/a 30,000 sq ft
Unicorn Airbnb Rental accomodation €25.5 78,000 sq ft
Unicorn Stripe Fintech €17.7 45,000 sq ft
Unicorn Coinbase Fintech €7.0 19,000 sq ft
Unicorn Slack Work messenger €6.2 29,000 sq ft
Unicorn Asana Project management €1.3 5,000 sq ft
Unicorn Intercom Customer messaging €1.1 65,000 sq ft
© HT Meagher O’Reilly trading as Knight Frank
*Source: Publically listed values from YCharts as at 31/12/2018. Unicorn valuations from CB Insights, January 2019 This report is published for general information only and not to
be relied upon in any way. Although high standards have been
used in the preparation of the information, analysis, views
and projections presented in this report, no responsibility or
RECENT MARKET-LEADING RESEARCH PUBLICATIONS liability whatsoever can be accepted by HT Meagher O’Reilly
trading as Knight Frank for any loss or damage resultant
from any use of, reliance on or reference to the contents
RESEARCH INVESTMENT INSIGHT RESEARCH
DUBLIN INDUSTRIAL MARKET
2018 IN REVIEW
THE DUBLIN of this document. As a general report, this material does
2018 was another strong year
for Dublin’s industrial market as
295,480 sq m of space transacted,
PRS REPORT
representing a 17% increase on
the 252,452 sq m taken in 2017.
Manufacturing activity continued to
not necessarily represent the view of HT Meagher O’Reilly
expand, although at a slower pace,
with the Investec Manufacturing
Purchasing Manager’s Index reading
54.5 at the end of 2018 compared
to 59.1 a year earlier. Interestingly,
trading as Knight Frank in relation to particular properties
according to a survey by Eurostat,
Ireland has been ranked the
Units A & B Mountpark Baldonnell, Dublin 22
highest in Europe for the number
of enterprises making online sales
for a fourth consecutive year. The FIGURE 2 FIGURE 3
importance of online retailing is Take-up by location, 2018 Take-up by deal size, 2018
or projects. Reproduction of this report in whole or in part
increasingly challenging existing
supply chain networks, and by
6% 6%
extension, shaking-up the structure NORTH-EASTYou can also read
