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City office rents 48pc below peak

RENTAL levels in prime Dublin office spaces have fallen to 48pc of their peak.

Dublin has now been effectively brought in line with competing cities of Amsterdam, Birmingham and Edinburgh, according to the latest report on the commercial property market by DTZ Sherry FitzGerald.

Marian Finnegan, chief economist at DTZ Sherry FitzGerald (right), said that the deflation in rents in the past three years has allowed Dublin and Ireland to be repositioned as one of the more competitive locations for foreign direct investment. which should help underwrite our economic recovery.

The Cork office market had an uplift in activity in the three- month period, while the vacancy level in the Galway market is the lowest recorded in all the regional centres, including Dublin.