Dublin is third most expensive for prime office space in Europe
A maturing office market and a developer, investor and occupier base that is increasingly international in nature has propelled Dublin into the top tier of European business locations.
That's the main finding of the latest European Property Market Brief conducted by agents Murphy Mulhall in conjunction with its international affiliate, Gerald Eve's pan-European alliance.
An analysis of current prime headline office rents and potential for future growth across 23 European locations places Dublin as the third most expensive office location, behind London's West End and Paris's CBD (central business district).
According to the research, annual rents in London's best office location currently average €1,365 per square metre, followed by €780 per square metre and €646 per square metre in Paris and Dublin respectively.
Commenting on Dublin's performance, Managing Director at Murphy Mulhall, James Mulhall, said: "Although Dublin rents looks comparatively expensive against many European counterparts, there are a number of positives we can draw from this. It proves that we are a mature and established market, pitching us against major world cities such as London and Paris when it comes to attracting international businesses."
Referring to the city's prospects for securing companies relocating in the wake of Brexit, Mulhall added: "Rents are just one of a matrix of factors companies use when considering relocation.
"High rents usually come hand in hand with significant factors such as access to talent and quality of life issues. Dublin scores highly on both fronts and is likely to remain very competitive in the race for any Brexit influenced relocations.
"The European Property Market Brief reveals the essential truth that cities don't simply complete with their near-neighbours, they compete with rival locations throughout the continent, and it is the centres that grasp this - and, crucially, put the right policies and infrastructure in place - that stand to benefit the most," he noted.
Top 10 European Prime Office Rents:
1. London West End €1365 (per sq m per annum)
2. Paris CBD €780
3. Dublin CBD €646
4. Luxembourg CBD €540
5. Frankfurt €462
6. Manchester City Centre €422
7. Munich €420
8. Birmingham City Centre €403
9. Istanbul €401
10. Amsterdam South Axis €375