Activity on Dublin’s office market picked up speed in the second quarter of this year with completed transactions of 46,370 m², making it the strongest second quarter since 2018 according to the latest figures from CBRE. As a result, take-up also rose to 91,831 m² in the first half of the year.
In addition, more than 118,500 sqm of office space in Dublin was reserved by potential tenants at the end of June.
Colin Richardson of CBRE’s research department said competition for prime, modern and ESG-friendly space is driving prime rent growth. As a result, prime office rents in Dublin rose by 4% to €673 per sqm (€62.50 per sq ft) and are expected to rise further as the year progresses.
“This is a solid opening half of the year, with market sentiment among Dubliners remaining broadly positive despite global macro headwinds,” Richardson said. “We are beginning to see a return to pre-pandemic trends in Dublin’s office market and competition for prime space is driving rental growth, with a number of deals… which have cemented that view.”
He said supply and demand are broadly balanced, with much of the new inventory due to be launched this year already pre-let.
Office space available this week includes a newly refurbished ground floor office suite at 1 George’s Quay Plaza, close to Tara Street train station in Dublin 2.
Agents JLL are offering on behalf of landlord Henderson Park €57.50 per square foot and €4,000 per parking space.
https://www.independent.ie/business/commercial-property/demand-for-dublin-offices-lifts-rents-to-673-per-sq-m-41819750.html Demand for offices in Dublin has pushed rents up to €673 per square meter