Dublin Office Market Dynamics, Q3 2024
Summary and analysis of Dublin's current office real estate market conditions.
- Niall Gargan
In Q3 2024, Dublin recorded 54 leasing events, resulting in a total volume of 581,000 sq. ft. This marked a decline of 37% of space leased from the previous quarter, but an increase of 119% from the same period in the previous year.
This apparent decline in Q3 volumes can be attributed mainly to a significant one-off transaction in Q2 with the HSE's 210,000 sq. ft. occupation at Elm Park. When this outlier is excluded from the year's activity, Q2 and Q3 recorded similar leasing volumes. Notably, the number of deals in Q3 increased by 14.9% compared to Q2.
Grey space continues to be an influential factor in the Dublin market, but it is gradually declining as leasing activity picks up momentum. There is currently 1.94m sq. ft. on that market, advertised as sublease or assignment, down from the historic peak of 2.38m sq. ft. in Q1 2024.
