Number of Office Leasing Transactions Completed in Dublin During Q1 2015 is Highest in 7 Years
64 office leasing transactions signed during the first 3 months of 2015
Dublin, 14th April 2015 – Commercial property consultants CBRE today released statistics on the number of office leasing transactions completed in the capital in the first three months of 2015. CBRE MarketView | Dublin Offices Q1 2015
According to CBRE, total take-up reached over 38,000 square metres in Q1 2015 in 64 individual transactions. This represents the highest number of leasing transactions completed in a single quarter since Q1 2008, which is surprising considering the scarcity of accommodation in some locations of the city.
According to CBRE, tenants in the computers & high-tech sector accounted for almost half of the office leasing transactions signed in Dublin during the first three months of 2015.
At the end of Q1 2015, CBRE say that the vacancy rate in Dublin city centre is just over 7% while the Grade A vacancy rate in the Dublin 2/4 postcode is now 1.78%.
Of the €1 billion of investment sales over €1 million completed during Q1 2015, 86% comprised office properties as a result of a number of high-profile office asset and portfolio sales completed in the quarter according to CBRE. The property consultants believe that prime office yields in Dublin are now in the order of 4.75%.
“Following a bumper Q4, office take-up in the capital reached a healthy volume in the first quarter of 2015 with over 38,000m2 of leasing transactions signed in the quarter albeit many of the transactions completed were relatively small in size. As rents in the Central Business District continue to escalate with prime headline rents now in the order of €511 per square metre (€47.50 per square foot) in Dublin 2/4, we are increasingly seeing potential occupiers looking to alternative locations in the city as well as suburban options. Indeed, 38% of take-up in Q1 2015 occurred in the suburbs with five of the ten largest lettings signed in Dublin in the three month period being located in the suburbs”.
- Click here to downlaod the full report:
CBRE MarketView | Dublin Offices Q1 2015
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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.