Availability of large grade a office buildings in Dublin continues to decline
Only 5 buildings over 7,000 square metres available in Dublin 2/4
CONTACT: Marie Hunt – 00 353 1 6185543 / 00 353 87 2727115 or firstname.lastname@example.org
Please see further below for a PDF link to a copy of the CBRE|Dublin OFfice Vacancy Map Q4 2011 Report.
8th February 2012 – CBRE today released the latest update of their Dublin Offices Vacancy Map, which details the current options open to potential occupiers looking for a certain size of office accommodation in the Dublin office market. The map highlights the availability of accommodation for occupiers with a requirement for more than 7,000 m2 in the Dublin market. According to CBRE, there are now only 15 office buildings in Dublin, which could accommodate a requirement of more than 7,000m2. 6 of the buildings (all of which are deemed to be Grade A) are located in the suburbs. Only five of the 15 buildings are located in the prime Dublin 2/4 postcode, where the majority of office occupiers want to locate. Two of these five buildings in Dublin 2/4 are classified as secondary buildings and would require some investment before a tenant could take occupation.
Since CBRE published the last edition of this map three months ago, accommodation in some of the buildings that could have accommodated a large requirement has been let or reserved. Indeed, one of the buildings in Dublin 2/4 which could accommodate a tenant requiring 7,000m2 or more is Burlington Plaza in Dublin 4 which BSkyB last week announced they will be occupying so this building will be removed from the CBRE vacancy map once this letting has been signed. The fact that there are no new office schemes in the development pipeline and unlikely to be any new office development in the capital until at least 2014 means that options for potential occupiers with a large requirement are getting more scarce. However, in recent months it has become apparent that a number of good quality buildings are likely to be re-released to the market to let as companies consolidate operations. These include examples such as the EBS building on Burlington Road and NCB’s headquarters office building in the IFSC.
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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 firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 120 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, project management, consultancy, valuations and research. CBRE Ireland has been listed among the Top 100 Best Workplaces in Europe & the Top 50 in Ireland 2011, for the seventh year running. Please visit our website at www.cbre.ie or www.cbre.ie/ni.