Another Very Strong Quarter for Dublin Office Take-Up
July 9th 2018 – Property consultants CBRE Ireland have today released figures for the volume of office take-up achieved in Dublin in the first half of 2018. According to the property consultants, 80,309 square metres of office leasing transactions were signed in the Dublin market in the second quarter of 2018, almost matching the volume leased in the first three months of the year. This brings total office take-up in Dublin in the first half of 2018 to 163,803m2.
In total, 45 individual lettings occurred in Dublin in Q2 with 21 of these transactions (38% of take-up) comprising lettings to Irish companies. Although US companies accounted for only 14 transactions in the three-month period, this accounted for 58% of take-up in Q2. Meanwhile, there were 5 lettings to UK companies completed in Dublin in Q2 as Brexit-related mandates continue to boost take-up.
2 of the 45 transactions that completed in the second quarter of the year extended to more than 9,290m2 (100,000 sq. ft.), which provided a welcome boost to take-up. In total, pre-lets accounted for 41% of overall take-up in Dublin during the first six months of 2018 with 8 pre-letting transactions having signed in the period, 5 of which signed during Q2.
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“Continued job creation in the Irish economy is fuelling demand for office accommodation in the capital with the vast majority of the larger office transactions in the market emanating from the expansion of existing occupiers as opposed to new entrants. It is encouraging that despite the strong volume of take-up achieved in Dublin during the first half of the year and the volume of stock that is currently reserved (102,000m2), there has been a notable increase in demand for office accommodation over recent months as several new requirements have materialised. Indeed, the volume of demand for office accommodation currently stands at a record level of more than 360,000m2”.
The overall rate of vacancy in the Dublin office market at the end of Q2 2018 is 6.17% while the Grade A vacancy rate is 3.79%. Meanwhile, prime office rents in Dublin remained stable quarter-on-quarter at €700 per sq. m (€65 per sq. ft.).
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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