AI and data centre investment is increasingly powering activity in Ireland’s commercial real estate market, according to CBRE Ireland.
The scale of AI infrastructure investment in Ireland is now legible in trade statistics, they say. CSO data shows that goods imports in the office machines and data processing equipment category, covering servers, GPUs and AI computing hardware, reached €20.5bn in 2025, more than double the €9bn recorded in 2023. In the first five months of 2026 alone, the figure reached €16.2bn.
CBRE Research identifies this import activity as a leading indicator for industrial and logistics demand. The physical delivery, storage and handling of AI computing hardware generate direct requirements for logistics space, and the concentration of data centre construction and supply chain activity in Ireland sustains occupier demand that is distinct from traditional logistics drivers. Two of the five largest Q2 transactions involved occupiers with direct links to data centre infrastructure and supply chain operations.
The largest transaction of Q2 2026 was CEL Critical Power’s new letting of Unit 7 at Mountpark Grange Castle West, totalling 12,912 sq m (139,000 sq ft) on the N4 corridor in west Dublin. The deal is the only transaction in H1 2026 to exceed 9,290 sq m (100,000 sq ft) and the most significant new-build industrial letting recorded in Dublin this year, reflecting continued demand for high-specification logistics accommodation at established west Dublin corridors. This follows one of the largest deals in Q1, with Sims Lifecycle Limited, a data centre parts decommissioning specialist, taking space at Vantage Business Park.
Dublin take-up totalled 55,831 sq m in Q2 2026, broadly in line with Q2 2025 (57,304 sq m) and a marked improvement on Q1 (39,457 sq m). At the half-year stage, cumulative take-up stands at 95,288 sq m, approximately 24% below the 10-year H1 average of 124,665 sq m. Despite a below-average first half, CBRE Research expects H2 activity to be stronger. A number of significant transactions at new-build schemes are at advanced stages, multi-let industrial demand remains active, and further leasing is expected across established parks.
A full-year total of 240,000 sq m is achievable in a best-case scenario, broadly consistent with 2025 and reflective of a market stabilising after two years below its long-term annual average.
Prime rents for new stock rose 2% in Q2, reaching €156.10 psm (€14.50 psf). A cluster of deal evidence underpins the move: CBRE’s prime rent proxy, a 4,645 sq m (50,000 sq ft) modern logistics unit, transacted at this level across a number of schemes in the quarter. Second-hand prime rents also rose, up 4% quarter-on-quarter to €129.16 psm (€12.00 psf).
Regional and GDA activity was a feature of H1, with Cork and Kildare recording notable transactions. In Cork, Kuehne+Nagel pre-let 6,290 sq m at Anchor Business Park. While in Kildare, Momentum Logistics Park saw two deals, for Unit 28A (3,373 sq m) and Unit 39B (1,079 sq m) respectively. Occupier activity continues to stretch beyond the Dublin border into neighbouring counties like Kildare, Meath and Louth. Notable deals are also expected to sign in H2 in Dundalk and Longford.
Industrial and logistics assets accounted for more than 50% of total Q2 investment volumes at €512.5m. The defining transaction of the period was GIC’s acquisition of Horizon Logistics Park from Henderson Park for €500m, a deal that reflects the quasi-critical infrastructure status now attributed to prime logistics by sovereign and institutional capital, a theme explored in CBRE’s Q2 2026 Investment Report.
Prime Dublin I&L yields held at 5.00% supported by deal evidence.
Garrett McClean, Executive Director and Head of Industrial & Logistics at CBRE Ireland, commented:
“The scale of AI-related infrastructure investment in Ireland is now clearly visible in the data, and it is beginning to show up in our transaction numbers. Two of the five largest deals in Q2 were directly linked to the data centre supply chain, and we expect this to become a more consistent feature of the market over time. At the same time, the rental story is positive: both prime and second-hand rents moved in Q2, underpinned by a genuine shortage of quality product in the right locations. Take-up in H1 is below where we would like it, but the pipeline of active requirements coming through for H2 is encouraging and the fundamentals of this market remain strong.”