Sunday 16 June 2019

Tech firms dominate Dublin office space take-up

Ellie Donnelly

Ellie Donnelly

As many as 6,700 jobs were created in the tech sector between July and September this year, according to a report from Savills.

This helped contribute to tech firms being the biggest takers of office space in the third quarter, accounting for just over 20,000 sq m or 44pc of transacted space.

And while Savills believes this year will be a record-breaking year for office take-up, 2019 is expected to be a tighter year for new supply.

New office completions of 210,000 sq m will be delivered this year, around 5pc more space than is likely to be completed in 2019.

"Ireland is carrying very strong economic momentum and, notwithstanding the known unknowns, the outlook remains positive," Dr John McCartney, director of research at Savills, said.

"On average, forecasting institutions predict that the economy should expand by 6.9pc and 4.2pc in 2018 and 2019 respectively.  This is very strong growth by historical and international standards which should lead to further jobs growth and absorption of business space.”

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