Highest Take-Up Ever Recorded In The Dublin Office Market In 2018
January 7th 2019 – Property consultants CBRE Ireland today released figures for the volume of office lettings signed in Dublin during 2018, which shows that the volume of office leasing activity recorded in the capital last year beat all previous records. According to CBRE, almost 144,000m2 of office lettings signed in Dublin during Q4 2018 alone.
In total, more than 364,000m2 of office leasing activity occurred in Dublin during 2018, surpassing all previous records in the capital. Meanwhile, the overall rate of vacancy in the Dublin office market at the end of last year was just over 6%.
2018 was the second consecutive year where the Dublin office market achieved above-average performance, boosted by several strategic transactions, predominantly from the expansion of occupiers in the technology sector. Most of the large transactions signed in 2018 occurred in some of the new office stock being delivered in the capital with occupiers committing to buildings in advance of practical completion.
CBRE are due to release the 30th edition of their annual ‘Outlook’ report next week, looking at prospects for all sectors of the Irish commercial property market in 2019.
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 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, 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