DUBLIN: Despite challenges including the global economic recession, Ireland’s construction sector has been booming, the report said. Growth in Dublin’s construction sector is at its highest level in 20 years, according to the latest figures from commercial real estate company Cushman & Wakefield.
Cushman & Wakefield 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.
A total of 228,200 square metres was under construction as of the end of June and will be completed by 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,” she said.
The commercial property company said that total completed in 2021 has already surpassed and is one of the highest volumes since 2008. The report points to DB Schenker, the Office of Public Works and LifeStyle Sports as some examples.