Dublin Office Market Dynamics, Q4 2024
Summary and analysis of Dublin's current office real estate market conditions.
- Niall Gargan
2024 saw a rebound in Dublin office leasing, with 2.1m sq.ft. of take-up, up 66% from 2023.
New office development has slowed considerably, with no projects scheduled for completion after 2026. Among the buildings currently under construction, 66% have already been pre-leased, with less than 0.5m sq.ft. available to rent. A supply crunch is expected as existing properties become obsolete and tenants migrate towards top-tier buildings. Consequently, rents are projected to increase to €70/sq.ft. for Grade A+ buildings in prime locations.
Grey space continues to be an influential factor in the Dublin market, but new availability is gradually declining as leasing activity picks up momentum. There is currently 2m sq.ft. in that market, advertised as sublease or assignment, down from the historic peak of 2.38m sq.ft. in Q1 2024.
