Construction in Dublin's industrial and logistics market has hit a 20 year high, according to the latest figures from commercial real estate company Cushman & Wakefield.
More space is being built, while less is available to buy or lease than at any time since 2002.
Cushman & Wakefield also noted that 61% of the space under construction is already pre-sold or pre-let.
The commercial property company said it expects that 74,085 square metre of new industrial and logistics space will be completed and added to Dublin market by the end of June.
This surpasses the total completed in 2021 and is one of the highest volumes since 2008.
88% of this was let to an occupier before or upon completion, emphasising the significant demand in the market. Some examples of these include DB Schenker, the Office of Public Works and LifeStyle Sports.
It noted that a total of 228,200 square metres was under construction as of the end of June, with expected completion dates ranging from 2022 to 2023.
Kate English, Cushman & Wakefield's chief economist, said that almost 61% of space under construction is already pre-let or pre-sold to an occupier, with pre-lets proving much more popular.
"Further units have terms agreed and we expect to see more transactions as units get closer to completion. This would be in line with patterns we have observed over most recent quarters," the economist said.
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"The sum under construction is substantial. It is the highest volume of space under construction since 2002, which will be welcome news to potential occupiers as this space is needed," she added.
