54,000 sq m transacted in the Dublin industrial market in quarter one 2017. Reflecting a decrease of 13% on the same period in 2016, activity continues to be constrained by a lack of good quality floor space. The majority of take up was recorded in the South West region.
An estimated total of €17.7 billion transacted in the Irish property market in 2016, representing an annual increase of 12%. The residential sector accounted for the largest share of this spend, €11.6 billion, however, the commercial sector strengthened with transactions in the sector increasing 19% year on year.
The Irish office market recorded a very strong opening quarter to 2017 for leasing activity, however, performance varied greatly across the regional centres. Approximately 102,300 sq m of space was taken up in total in the three months to March, 69% higher relative to the long-run average.
The Dublin office market had an extremely busy first quarter of 2017 for leasing activity. Buoyed by a number of large, newly constructed buildings, which were completed and taken up during the quarter, take up reached 94,750 sq m, the highest quarterly level recorded since 2007.