Dublin office rents up 39% year-on-year

Net effective office rents in Dublin jumped 39% from Q1 2013 to Q1 2014, according to new figures from Savills.

London and Paris saw the next highest gains, with rises of 17% and 11% respectively. Net effective rent is the agreed rent minus incentives for tenants.

In its survey of 21 European cities, Savills found that on average, net effective rents had grown 5.1% year on year to Q1 2014, while headline rents are up 2.9%.

Research analyst Julia Maurer said: ‘there is a much better outlook for most of the European office markets and greater confidence from landlords. This has contributed to a reduction of rental incentives being offered which has contributed to net effective rental growth. The surge of take up seen in the City of London and Dublin helped those markets to decrease incentives offered.’

The markets surveyed included Amsterdam, Athens, Berlin, Belgrade, Brussels, Dublin, Dusseldorf, Frankfurt, Hamburg, London City, London West End, London Thames Valley, Madrid, Milan, Munich, Oslo, Paris CBD, Paris La Defense, Stockholm, Vienna and Warsaw.