In a new report on the Dublin office market over the first nine months of 2007, property consultants CB Richard Ellis (CBRE) claim that take-up has already exceeded the annual average. The report indicates that over 200,000 m[sup]2[/sup] of office space has been signed so far this year compared to the yearly average of 155,000 m[sup]2[/sup]. The Q3 2007 total of 80,190 m[sup]2[/sup] let shows a similar rise over the 60,000 m[sup]2[/sup] in the same period in 2006.
In a new report on the Dublin office market over the first nine months of 2007, property consultants CB Richard Ellis (CBRE) claim that take-up has already exceeded the annual average. The report indicates that over 200,000 m2 of office space has been signed so far this year compared to the yearly average of 155,000 m2. The Q3 2007 total of 80,190 m2 let shows a similar rise over the 60,000 m2 in the same period in 2006.
Over two-thirds of Q3 take-up was located in the city centre with the remaining 33% located in the suburbs. Pre-lease deals accounted for 35% of office lettings in the last quarter. The quarter’s top five lettings all went to financial tenants although the breakdown for 2007 overall shows greater balance, with 41% of lettings going to business service providers, 32% to financial tenants and 9% to IT and public-sector companies.
While Dublin’s vacancy rate stands at 10.2%, the city centre shows a much more favourable 5.5% rate. According to CBRE the Dublin office market hasn’t shown any visible effect of the global financial turmoil and any slowdown which might occur in office demand will have minimal impact because of the tight control and monitoring of supply coming onto the market in the current cycle.