Thursday 24 August 2017

Take-up of Dublin offices increases

A total of 81 office lettings were signed in the second quarter of the year. Picture posed
A total of 81 office lettings were signed in the second quarter of the year. Picture posed
Ronald Quinlan

Ronald Quinlan

More than 150,000 sq m (1.6 million sq ft) of office lettings were signed in Dublin in the first six months of 2017, according to the latest report on the sector released by CBRE yesterday.

A total of 81 office lettings were signed in the second quarter of the year, more than double the number signed in the first three months of the year.

The largest lettings signed in the last three-month period included the letting of 17,489 sq m (188,250 sq ft) to Facebook at the Comer Group's Beckett building in Dublin 3 and the letting by Green Reit of 14,083 sq m (152,000 sq ft) to AIB at Block H, Central Park, in the city's south suburbs.

"Coming on the back of strong FDI numbers announced earlier this week by IDA Ireland, the first half of 2017 has been a particularly-active one in the Dublin office market, with evidence of strong demand and healthy levels of take-up being recorded," Alan Moran, director at CBRE's offices team, said.

"This has included a number of significant lettings in buildings that are still under construction, demonstrating that occupiers are more comfortable committing to schemes when there is clear visibility on delivery.

"To have more than 150,000 sq m let at the mid-year point is an exceptional performance," Mr Moran added.

"It is almost 75pc higher than the annual average take-up at the mid-year point for the previous five years, and 68pc higher than the take-up recorded in the first half of 2016."

CBRE reports that prime rents in Dublin are now approximately €673 per sq m (€62.50 per sq ft).

Irish Independent

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