Construction activity in industrial and logistics market hits record level

  • 📰 IrishTimesBiz
  • ⏱ Reading Time:
  • 63 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 77%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Take-up levels hit second highest level on record in first six months of 2023

John Ring, director of research at Savills Ireland, said that while global conditions remain challenging, multinationals, particularly pharmaceutical companies, still have “significant” space requirements.

“Given the recent slowdown in manufacturing activities and pharma exports, GDP has been revised downwards across a range of forecasting bodies,” he said. “However, pharma exports are still high relative to pre-pandemic with exports values inflated significantly through the pandemic from vaccine production and increased medical production. While these global factors could impact the Irish market in the short to medium term it is not anticipated to cause major disruption.

Construction activity in the industrial and logistics market, meanwhile, reached a record high of 1.2 million sq ft delivered in the second quarter.Savills said that some 79 per cent of anticipated delivery for the year has already been completed with just five units under construction and due to finish by year end.

Provisional vacancy figures, meanwhile, indicate a marginal increase from 1.3 per cent to 1.4 per cent quarter-on-quarter. Jarlath Lynn, director of industrial and logistics at Savills Ireland, said that while vacancy rates had increased slightly, Ireland is in a relatively strong position in a global context. “Structural demand drivers such as population growth and ecommerce will continue to underpin future demand,” he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Foreign investment to Ireland slows by double-digits in the first half of 2023Employment creation from multinationals was also down sharply in the first half of the year
Source: businessposthq - 🏆 8. / 71 Read more »

Commercial property market dips sharply in first half of 2023Retail is strongest sector as office market suffers worst six months in over a decade amid rising interest rates and ongoing confusion on work patterns via IrishTimesBiz
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Foreign investment to Ireland slows by double-digits in the first half of 2023Employment creation from multinationals was also down sharply in the first half of the year
Source: businessposthq - 🏆 8. / 71 Read more »

Foreign investment to Ireland slows by double-digits in the first half of 2023Employment creation from multinationals was also down sharply in the first half of the year
Source: businessposthq - 🏆 8. / 71 Read more »