Thursday 27 April 2017

Dublin faces office supply shortage

The Vertium on Dublin’s Burlington Road is fully let to Amazon
The Vertium on Dublin’s Burlington Road is fully let to Amazon
Ronald Quinlan

Ronald Quinlan

The lack of immediate supply of office stock in Dublin is an "issue" in terms of catering for Brexit-driven demand, but it's a problem that should be addressed by the time decisions on relocation from the UK are made.

That's the view of Murphy Mulhall managing director James Mulhall, as the number of cranes on Dublin city's skyline continues to grow almost in tandem with expectations of a post-Brexit influx of companies seeking to retain a base within the EU.

Looking at the prospects for new office space in Dublin's Central Business District (CBD) in 2017, Murphy Mulhall's latest 'Market Monitor' report notes that a total of 13 projects covering a total of 110,000 sq m (1.18m sq ft) are set to be delivered this year.

Interestingly, while numerous market commentators have been engaging in speculation in relation to the prospective lettings of the buildings now under construction, the report identifies just three of the offices due for completion in 2017 as being fully let.

These are: the Vertium on Dublin's Burlington Road, which is currently being developed by Johnny Ronan's RGRE (Ronan Group Real Estate); 13-18 City Quay, which is being built by a partnership consisting of Oaktree and the Bennett Group; and 32 Molesworth Street, which is being developed by Green REIT. Lettings for the three schemes have been agreed with online retail giants Amazon, accountants Grant Thornton and an as-yet unnamed international business services provider respectively.

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