Highest Ever Annual Office Take-Up Recorded In Dublin In 2017
Dublin, December 22nd 2017 - Commercial property consultants CBRE Ireland today released 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 a phenomenal 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.
Prime headline office rents in the capital reached €700 per square metre (€65 per sq. ft.) by year-end 2017.
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 320,000 square metres of office lettings were recorded in the capital during 2017 in more than 250 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. A number of other transactions may sign by December 31st, providing a further boost to what has been a record year. To put the figures in context, approximately 220,000m2 of new office stock was delivered in Dublin during 2017 while take-up has been 100,000m2 higher in the 12 month period. A significant proportion of office stock due for delivery in 2018 has already been pre-let, which is very encouraging.
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