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Quarter 1 has seen a spectacular start with total take up of 533,758 sq ft which is the equivalent of 40% of total take-up in 2010.
Dublin, 7 April 2011: We are very pleased to advise that our predictions at the end of 2010 for the Dublin Office Market were correct and the vacancy rate has finally reduced and is now 21%. This is the first time that there has been a reduction in the vacancy rate since Quarter 3 2008, which was the start of the downturn in the Dublin office market.
Quarter 1 has seen a spectacular start with total take up of 533,758 sq ft which is the equivalent of 40% of total take-up in 2010. Fionnuala O’Buachalla, Director of Tenant Rep at Jones Lang LaSalle said “this level of take up is similar to levels in 2006 and 2007 and is an extremely positive start for Quarter 1. Although it is difficult to believe this level will remain consistent throughout 2011, in particular when you consider that the two largest deals to Google and Bank of Ireland represented 50% of total take-up. Quarter 1 take up reinforces our view that Tenants are making the most of the current value in the market with average rents in the city centre of €27.60 per sq ft and average rents in the suburbs of €15.30 per sq ft in Quarter 1. It’s a great time for Tenants to do deals”.
Although the vacancy rate has reduced, there is still 8.4 million sq ft of vacant office accommodation in the market, almost evenly split with 49% available in the city and 51% available in the suburbs. Deirdre Costello, Director of Office Agency at Jones Lang LaSalle said “Quarter 1 has seen an excellent start to the office market, with 5 lettings over 40,000 sq ft. This compares to the entire 2010 market where there were only 4 deals over 40,000 sq ft, with the largest being 56,790 sq ft. The city centre still remains the location of choice with 73% of total take-up being in Dublin 1, 2, 4, 7 and 8. Furthermore the vacancy rate is 19% in the city compared to 25% throughout the rest of the Dublin market.At this time, all indicators point to a positive Quarter 2 with 245,000 sq ft already reserved and we are only one week in to the Quarter.”For further information please contact Fionnuala O’Buachalla or Deirdre Costello at +353 1 6731600.
+353 1 6731600