2017 - A Record Year For The Dublin Office Market
Dublin, January 9th, 2018 - Commercial property consultants CBRE Ireland (who will next week release their Outlook 2018 report) today released finalised statistics on the volume of office take-up achieved in Dublin during 2017.
Some of largest takes of office accommodation in Dublin during 2017 included 34,554m2 to Microsoft in Sandyford; a 19,641m2 pre-letting at Capital Dock in Dublin Docklands to Indeed, (where JP Morgan also purchased a building in the last 12 months), the letting of 17,489m2 to Facebook at East Road in Dublin 3 and the letting of 13,293m2 at Miesian Plaza on Baggot Street to the Department of Health.
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“2017 saw a new record being set in the Dublin office market with take-up in the last 12 months exceeding all previous years. In total, more than 331,000 square metres of office lettings were recorded in the capital during 2017 in 237 individual transactions - 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 on behalf of technology companies and included a number of large pre-lettings, some of which were Brexit-related”
- Office take-up in Dublin during Q4 2017 reached a record 147,428m2 leading to total take-up of some 331,445m2 being achieved in 2017- the highest annual take-up ever recorded in the captial, boosted by considerable expansion activity and a layer or Brexit-related activity
- In total there were 69 office transactions signed in Dublin during Q4 bringing the total number of transactions completed in Dublin during 2017 to 237
- 11 of the 69 transactions signed in Q4 extended to more than 4,645 square metres (50,000 sq. ft.) in size with 4 of these extending to more than 9,290 square metres (100,000 sq. ft.)
- There were 10 pre-letting transactions signed in Q4 (accounting for 65% of the quarter’s take-up) bringing the total number of pre-lettings signed in 2017 to 21 or 44% of annual take-up in the 12 month period
- 25% of office take-up in Dublin in Q4 2017 occurred in suburban markets with the suburbs accounting for 29% of annual take-up in Dublin during 2017
- Lettings to computers/technology companies accounted for 54% of take-up in Dublin in Q4 and 44% of annual take-up in the capital in 2017
- The overall rate of vacancy at the end of Q4 was 6.08% vs 6.18% the previous quarter. Meanwhile, the Grade A vacancy rate in Dublin 2/4 at the end of Q4 was 2.96%
- Prime headline rents reached €700 per square metre (€65 per sq. ft.) by year-end 2017
- Prime office yields contracted by a further 25 basis points quarter-on-quarter to reach 4.0% by the end of Q4 2017
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie