Sales and lettings show promise despite decline
Dublin office letting and sales saw take up exceed 45,000sqm in the first three months of 2011. Major transactions include the sale of the 19,500sqm Montevetro building on Barrow Street, Dublin 2 to Google, the lettings of 4,459sqm to Tullow Oil at Number One Central Park in Leopardstown, Dublin 18 and of 5,034sqm to ESB at Swift Square, Santry Demesne, Dublin 9.
Willie Dowling, of CB Richard Ellis, said quarter one take up registered only a small decline compared to the previous quarter and there are a number of lettings that could sign over the next days to create quarterly growth.
"We're also encouraged by the more than 18,500sqm of reserved office space as we enter Q2, indicating that healthy take-up levels are set to continue through 2011."
He also expects that current trend could see this year's take-up exceed the 130,000sqm achieved in 2010.