Wednesday 19 June 2019

New lease of life: Dublin record as tech giants boost office market

Looking good: More than 364,000 sq m of office-leasing activity occurred in Dublin during 2018
Looking good: More than 364,000 sq m of office-leasing activity occurred in Dublin during 2018
Ellie Donnelly

Ellie Donnelly

The volume of office-leasing activity recorded in the capital last year surpassed all previous records.

More than 364,000 sq m of office-leasing activity occurred in Dublin during 2018, according to commercial real estate services firm CBRE.

Meanwhile, the overall rate of vacancy in the Dublin office market at the end of last year was just over 6pc.

"2018 was the second consecutive year where the Dublin office market achieved above-average performance, boosted by several strategic transactions, predominantly from the expansion of occupiers in the tech sector" said CBRE Ireland director Marie Hunt.

"Most of the large transactions signed in 2018 occurred in some of the new office stock being delivered in the capital, with occupiers committing to buildings in advance of practical completion."

The CBRE data follows yet another upbeat forecast by Knight Frank.

Last month, the real estate adviser estimated that investment activity in Ireland's commercial real estate sector for 2018 would hit €3.5bn.

Irish Independent

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