In the Q3, office space occupancy totalled 355,000 Sq. ft., bringing the Year-to-Date total to 1,085,000 Sq. ft. The persistent impact of the Work-From-Home model and the broader economic conditions continues to significantly influence the leasing of office space. Projections indicate that the total office space take-up for the year is expected to hover around 1.5 million Sq. ft.
A noteworthy development is the technology sector's substantial reduction in its office space requirements. In fact, over the past 2 years the tech sector has contributed “Grey Space” to the market, which has been leased by other occupiers who would traditionally let CAT A Space. This underscores the dual impact the technology sector is having on the commercial real estate market.
For further information please contact David O’Malley, Brian Kelly and Jonathan Donnelly in QRE on 01 637 55 55.