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Technology Media and Finance sectors continue to dominate take up with an increase in demand from the Pharmaceutical sector.
In terms of demand, the Dublin office market has performed better in quarter 2 with a take up of 379,338 sq ft - an increase of 35% from last quarter. The total take-up for the first 6 months of 2012 now stands at 660,253 sq ft. This is a drop of nearly 30% on the same period last year. There are however still a significant number of deals totalling almost 300,000 sq ft which supports our view that the total take up for the year should exceed 1m sq ft.
Deirdre Costello, Director Office Agency said “Technology Media and Finance sectors continue to dominate take up with an increase in demand from the Pharmaceutical sector. Almost 50% of all deals signed this quarter were reserved during 2011 indicating the timeframe required to complete a letting in the current market.”
The majority of lettings in Quarter 2 were for smaller lots with 73% of take up for space of less than 10,000 sq ft, and the average deal standing at 9,032 sq ft. In total there were 42 transactions - 19 of these 42 transactions are from companies relocating and another 6 from companies expanding into additional space. A positive trend is that the remaining 17 transactions are from occupiers taking space in Dublin for the first time.
Geographically South Dublin city centre is still the focus of demand with Dublin 2 and Dublin 4 both dominating take up (65.1%). This supports our view that location is still one of the most important factors that any corporate will take into account when looking for office space. Costello comments that “The vacancy rate for Dublin 2 now stands at 12.7% which is far lower than the overall rate of 19.7%.”
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