Availability in the Limerick office market remains particularly tight, as further declines were recorded over the past twelve months. Availability sat at 30,885 sq m in Q1 2022, reflecting an annual decrease of 15%. The corresponding vacancy rate is 7.4%, the lowest vacancy rate in our +20 years detailed data series. Market churn, meaning the release of second hand stock, decreased in 2020 and despite improving in 2021, it remains low.
Despite a marginal uptick in quarterly levels of available space, the overall trend of availability continues its downward trajectory. Availability in the Limerick industrial market sits at 37,850 sq m, with a corresponding vacancy rate of 4.1% at the end of Q1 2022. To put into context the shortage in the market, this sits below the long run annual take up average of 43,000 sq m.
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