The Dublin office market performed 'surprisingly well' in the third quarter of 2008 and was above the average Q3 take-up in the last few years, according to the latest report on the Irish capital released by CB Richard Ellis. Some 58,562 m[sup]2[/sup] office lettings were signed in the third quarter, bringing the total for the first nine months of 2008 to over 135,000 m[sup]2[/sup].
The Dublin office market performed 'surprisingly well' in the third quarter of 2008 and was above the average Q3 take-up in the last few years, according to the latest report on the Irish capital released by CB Richard Ellis. Some 58,562 m2 office lettings were signed in the third quarter, bringing the total for the first nine months of 2008 to over 135,000 m2.
But CB Richard Ellis said sentiment has continued to deteriorate in recent months due to the prevailing economic conditions both in Ireland and internationally. This has resulted in a number of potential office occupiers reviewing their requirements. The broker said it expects office demand therefore to remain significantly lower as the end of the year approaches, translating into weaker letting activity in 2009.
CB Richard Ellis said its research also suggests prime office headline rents in Dublin have declined slightly to EUR 645 per square metre due to increased competition between landlords.
