City centre office rents firm despite shortages
Office rents in Cork and Galway are unchanged from the end of last year despite city centres seeing a fall in the availability of office accommodation.
In Cork city centre prime office rents average €323 per sq. m. which is unchanged despite the vacancy levels dropping from 7.2pc at the end of March to 5.4pc at the end of June. This compares €200 per sq m. in Cork suburbs where the vacancy level has risen from 7.6pc in June, 2007 to 9.7pc.
Dublin prime office rents at €673 per sq m. have already been reported to be holding at practically double the Cork rents, although Dublin's western suburbs, at €215 per sq m., are close to Cork's suburban rents.
In Galway, city office rents are €269 per sq m. and €151 per sq m in the suburbs. Office vacancy levels at 8.6pc, are up slightly on the quarter but well down on the 13.7pc of June 2007, according to DTZ Sherry FitzGerald's latest regional commercial property survey.
- Donal Buckley
