Very Healthy Volume of Leasing Activity in Dublin in the First Half of 2015
Dublin, July 5th 2015 – Property consultants CBRE today released office take-up statistics for the second quarter of 2015 showing that over 83,650m2 of office lettings were signed in Dublin in the second quarter of 2015. This brought total take-up in the Irish capital in the first six months of 2015 to over 122,000m2 or 1.3 million square foot which is a very strong volume of leasing activity for a six month period. According to CBRE, a total of 126 individual office leasing transactions signed in Dublin during the first six months of the year. This is 26% higher than the volume of office leasing recorded in Dublin in the first half of 2014. Almost three quarters of all lettings signed in Dublin in Q2 2015 occurred in the city centre although this was skewed by a number of larger transactions and in general terms, CBRE say there is increasing evidence of increased activity in suburban markets since the beginning of the year.
Activity continues at pace in the Dublin office market, as is demonstrated by the volume of activity recorded in the first half of 2015. Prime headline office rents in Dublin city centre have now increased to €538 per square metre (€50 per sq. ft.) which is up 25% compared to the same period last year. Rents look set to increase further over the coming months as competition for the best office buildings escalates in the absence of any new stock coming on stream in the short-term. However, there are now 16 office schemes under construction in the capital, which is giving rise to a number of pre-letting opportunities.
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.