The Dublin office market recorded close to 670,000 sq.ft of Q3 office take up to bring the year to date take up to 1.65m sq.ft., which eclipses the total take up of 1.62m sq.ft. for the entirety of 2021. There is approx 760,000 sq.ft in reserved stock meaning the market is on target to reach between 2-2.5m sq.ft. When viewed in the context of 2017, 2018 and 2019 levels, which ranged from 3.3m – 3.9m sq.ft., this will be somewhat of a dip in activity for the office sector.
Positively, rental values continue to remain stable and inducements, which were impacted during COVID-19, have for the most part rebalanced.
For further information please contact QRE David O'Malley, Brian Kelly and Conor Whelan.