Business Irish

Tuesday 25 July 2017

"Pre-letting" on the rise as companies seek premium office space in the capital

Dublin has been preparing its response to Brexit with the construction of new offices such as the Exchange
Dublin has been preparing its response to Brexit with the construction of new offices such as the Exchange

Sean Duffy

Office space is in such demand in Dublin that tenants are committing to lease contracts before a building has even been constructed.

A new report from auctioneers Savills shows there was a huge surge in “pre-letting” in the final quarter of last year.

Pre-lets accounted for 44pc of all Dublin office spaced leased, according to the company. Dublin 2 and Dublin 4 were the in demand areas in the capital, with a 61pc rate of pre lets.

“Although enough Grade A space is available to accommodate around 2,200 office workers, occupiers with large space requirements or very specific locational preferences are facing an increasingly limited choice of buildings,” said Savills chairman Roland O’ Connell.

Pre-letting opens up a wider set of possibilities for tenants and some are willing to forego immediate occupancy in return for buildings that tick the right boxes in terms of location, fit and finish,” Mr O’ Connell added.

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