Dublin Office Market Sees Healthy Demand

Investors' appetite for office space in Dublin has been strong in the first three months of the year, with double the interest seen over the same period of 2010. Take up has reached 45,500 square metres, according to an analysis by Savills....

Investors' appetite for office space in Dublin has been strong in the first three months of the year, with double the interest seen over the same period of 2010. Take up has reached 45,500 square metres, according to an analysis by Savills.

The consultancy has issued a positive forecast for the remaining nine months of 2011, with a total of 150,000 square metres expected to have been purchased by the end of the year. Savills noted that this would be driven by a healthy demand for office stock within the Irish capital.

According to the firm a 0.4 per cent fall in the overall vacancy rate in the first quarter, compared to the previous one, is a result of a shortage of new office space and continued increase in take up.

"The fall in vacancy rate reflects a combination of factors, in particular a consistent level of demand for space since the middle of 2010 and a halt in the amount of newly completed space coming to the market, especially grade A space in prime locations," said Joan Henry, head of research at Savills Ireland.

Savills concluded that it expected demand for space to remain consistent, with existing occupiers looking to capitalise on opportunities to move to better locations with better terms and conditions.

- Thursday 07 April 2011

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