Analysts predict good year for Dublin office market |
| Wednesday, 06 April 2011 | |
| Demand for office space in Dublin in the first three months of 2011 has been strong with take up reaching 45,500 square meters, up 2% on the previous quarter and twice the level seen at the same time last year. An analysis from international real estate advisor Savills predicts that take up could total 150,000 square meters by the end of the year, reflecting a healthy demand for prime office stock in the Irish capital. According to the firm a 0.4% drop in the overall vacancy rate in the first quarter of 2011 compared with the previous quarter, to 23.2%, is due to a shortage of new office space and continued increase in take up. 'Demand for office space in the first three months of the year has been strong. The fall in vacancy rate reflects a combination of factors, in particular a consistent level of demand for space since the middle of 2010 and a halt in the amount of newly completed space coming to the market, especially grade A space in prime locations,’ said Joan Henry, head of research at Savills Ireland. The research shows that four major deals made up almost 70% of total space taken up in the first quarter of 2011, with Google’s purchase of the new 19,000 square meter Montevetro office building accounting for 42% of total space. |
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