Increase in activity in Dublin office market

A report from estate agents Savills Ireland has suggested that there was an increase in activity in the Dublin office market last year.

Its director of research Joan Henry said the vacancy rate had dropped from 23% in 2010 to 21.6%, and letting activity rose by 25% from 2010.

“Prime locations continue to dominate, as occupiers avail of competitive rents and terms. Vacancy is down across most locations and there is no new space in the pipeline,” she said.

Savills said rents had remained under pressure, having shown signs of stabilising in 2010.

28,000 square metres of space was occupied in the final quarter of last year, bringing the total for the year as a whole to 148,000 square metres.

Of the 53 deals which closed in the final three months of 2011, 25 were located in Dublin 2 and Dublin 4 combined.

Savills said the level of interest in the Dublin office market that was evident in 2011 is expected to continue in 2012, as international companies look to enter the Irish market and expand existing operations here.

But it warned that the vacancy rate was still high, and would keep rents under pressure.

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