Bumper Year For Dublin Office Lettings

22 Dec 2017 | 01.17 pm

Bumper Year For Dublin Office Lettings

CBRE says 320,000 square metres is a record

22 Dec 2017 | 01.17 pm

Commercial property consultants CBRE say the volume of office transactions in Dublin through 2017 was a record 320,000 square metres.

Executive director Marie Hunt  (pictured) said: “This year saw a new record set in the Dublin office market, with take-up  more than a third higher than the volume of take-up achieved in Dublin at the peak of the market in 2007.

“Take-up in 2017 was boosted by considerable expansion activity by technology companies, and included a number of large pre-lettings, some of which were Brexit-related. A number of other transactions may sign by 31 December, providing a further boost to what has been a record year.

“To put the figures in context, approximately 220,000 sq m of new office stock was delivered in Dublin during 2017, while take-up has been 100,000 sq m higher in the 12-month period. A significant proportion of office stock due for delivery in 2018 has already been pre-let.”

Some of the largest takes of office accommodation in Dublin during 2017 included 34,550 sq m by Microsoft in Sandyford; 19,640 sq m at Capital Dock in Dublin Docklands to Indeed; 17,490 sq m to Facebook at East Road in Dublin 3;and the letting of 13,293 sq m at Miesian Plaza on Baggot Street to the Department of Health.

CBRE says prime headline office rents in the capital have reached €700 per sq m or €65 per sq ft.

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