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News Release

Dublin

Dublin office market performance continues to improve

Total take-up for first half of 2011 stands at 918,615 sq.ft.


The Dublin office market performance continues to improve with total take-up to date for the first six months of 2011 comprising 918,615 sq ft.  Another positive indicator is that in line with an increase in take up, the vacancy rate reduced again and is currently at an overall rate of 20.7%.

Fionnuala O’Buachalla, Director of Tenant Rep at Jones Lang LaSalle said “Quarter 2 has seen a consistent increase in activity by Tenants in comparison to the previous two years.  In addition to companies making the most of lease terminations and break options by relocating to new premises, there has also been a significant increase in the number of companies expanding.  59% of the Tenants who took space in Quarter 2 were as a result of expansion.  With average Q2 rents of €23.00 per sq ft in the city centre and €15.50 per sq ft in the suburbs, Dublin is clearly a location that can provide competitive terms for high specification accommodation and an excellent labour pool which continue to encourage companies to expand and locate here”. 

The majority of lettings in Quarter 2 were on the smaller scale, with 82% of deals being less then 10,000 sq ft.  Deirdre Costello, Director of Office Agency at Jones Lang LaSalle said “Quarter 2 saw a shift in locational demand, with 65% of total take up being in the suburbs and 35% being in the city, although the Paddy Power letting of 119,000 sq ft in Clonskeagh did shift the balance towards the suburbs”. 

With 278,000 sq ft already reserved for Quarter 3 2011, it is conceivable that take up will resume to “normal levels” for the Dublin market size of 1.5 million sq ft by the end of 2011.