Office space in Dublin was in high-demand during 2016


Commercial property consultants CBRE Ireland has released 2016 figures which show that there was strong demand for office space in Dublin throughout the year.

A total of more than 245,000 sq m was let during the 12 months - that's significantly above the ten-year average of 172,000 sq m.

It comments that demand was "boosted by strong job creation last year."

Activity was strongest in the third quarter of the year - and the final three months were also particularly busy.

83 individual office lettings were signed during the third quarter of 2016 bringing the total number of lettings in the first nine months of the year to 198 compared to 180 lettings in the same period last year.

44 of the 83 transactions signed in the third quarter were to Irish companies with a further 20 lettings to US companies and 5 lettings to UK companies.

A number of significant lettings were concluded in the final quarter including the letting of 7,632 sq m at Ballymore’s Dublin Landings scheme at North Wall Quay in Dublin Docklands to the NTMA.

CBRE Ireland will release its Outlook 2017 report on January 17th - focusing on their expectations for the Irish market for the year ahead.

A squeeze on supply pushed office rents in Dublin back towards Celtic Tiger highs in 2016. 

Business groups have warned that a lack of office space in the capital could lead to the city missing out on investments from foreign firms.

Joseph Conroy, 

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