This brings total take-up for the year to date to 1.6 million sq ft, with Q3 take-up expanding by 71% year-on-year and the south-west remaining the most active submarket. The largest transaction of the quarter was the letting of 151,900 sq ft at Ballymount Logistics Hub to Irish logistics company JMC.
Meanwhile, 763,900 sq ft of new space was delivered across eight units – the highest quarterly delivery since Q2 2023 – pushing the vacancy rate to 2.4%. Despite the increase, Dublin continues to have one of the lowest vacancy rates in Europe.
Reflecting continued demand for modern space, prime rents rose by €0.25 per sq ft in the quarter to €13.75 per sq ft, with Savills forecasting that headline rents could reach €14.00 per sq ft by year-end.
Jarlath Lynn, Director of Industrial and Logistics at Savills Ireland, said:
“After a relatively muted period, we’re now seeing sustained levels of activity return to the market. Much of this quarter’s take-up came from occupiers targeting modern, energy-efficient units, often newly completed or refurbished. The rise in prime rents reflects the scarcity of best-in-class stock, and the appetite among both domestic and international occupiers to secure space before year-end.”
John Ring, Director of Research at Savills Ireland, added:
“The latest data underlines how balanced the Dublin industrial market has become. We’re seeing robust occupier demand alongside a healthy pipeline of new completions, which is helping to prevent excessive upward pressure on rents. Looking ahead, the market’s fundamentals remain sound – vacancy remains low, the economy is performing solidly, and demand is being underpinned by logistics, manufacturing, and e-commerce operators.”
Savills expects annual completions to exceed 1.6 million sq ft in 2025, more than four times last year’s figure, with a strong pipeline of smaller units set to deliver in Q4.
Read the report here.