Construction in Dublin's industrial and logistics market has reached a 20-year high, according to the latest figures fromcommercial property firmCushman & Wakefield.
More space is under construction and less space available for purchase or lease than at any time since 2002.
Cushman& Wakefield also noted that 61% of properties under construction have been pre-sold or leased.
The commercial property company said it expects 74,085sqm of new industrial and logistics space to be completed and added to the Dublin market by the end of June.
This exceeds the total completed in 2021 and is one of the highest numbers since 2008.
88% of dwellings are leased to occupants before or after completion, underscoring the huge demand in the market.Some examples of these include DB Schenker, Office of Public Works and LifeStyle Sports.
As of the end of June, a total of 228,200 square meters of buildings were under construction, with an expected completion date between 2022 and 2023, the report noted.
Kate English, chief economist at Cushman & Wakefield, said nearly 61 per cent of space under construction had been pre-sold or sold to occupiers, and pre-sale spaces had proved more popular.
"More projects have been agreed, and we expect more deals to come as projects are completed. This would be in line with the pattern we've observed in recent quarters," the economist said.
"The amount of money under construction is huge. This is the highest amount of space under construction since 2002, which will be good news for potential occupiers because these spaces are needed."
