Industrial Property Market Report - Q2/24

In Q2 2024, the total area of of industrial space With shell & core (S&C) space, the total leasable area reached 12,560,853 sqm.

75,336 m2 of new space was delivered to the market. In total, a further 977,054 sqm was under construction across the country. This is the first time since Q4/2021 that the amount of new sqm under construction of industrial space fell below 1 million.

The vacancy rate increased again to 3.99%, representing 484,633 sqm (excluding S&C space). After including S&C space, the vacancy rate also increased to 6.58% with a total of 825,998 sqm available in completed and near-completed buildings.

A total of 415,602 sqm of modern 'A' standard space was in S&C condition at the end of Q2/24. The majority of this space is available to clients.

Net and gross demand has returned to normal after a record low in Q1. Net demand was 219,093 sqm and gross demand was 357,949 sqm. With the strong performance of the automotive sector and the manufacturing industry in general, we expect the recovery in demand to continue through 2024.

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