2023-07-26-莱坊-Dublin_Office_Market_Overview_Q2_2023_7页_1mb

Dublin Office Market Q2 2023 Overview

Key Economic Indicators

• GDP growth for 2023 is revised downward, with Multi-Demand (MDD) exceeding expectations.
• Unemployment at 3.8%, lowest on record, supporting office demand.
• Consumer Price Inflation (CPI) saw a marginal increase to €41.7 million invested in office assets.

Supply & Demand Dynamics

• New Space: 405,968 sq ft leased in Q2, with take-up concentrated in Dublin 2.
• Sector Breakdown:
  • Finance (25%), Professional Services (21%), State (21%), Other (17%), TMT (11%).
• Vacancy: 13.4%, an increase from previous quarters.

Investment Activity

• Total Investment: €333 million in Q2 2023, a significant drop from Q2 2022 (€1.2 billion).
• Top Deal: €34 million purchase of Harcourt Street by a French firm.

Development Pipeline

• Q3 2023: Four large-scale developments (over 100,000 sq ft each) expected to complete, adding to the market.
• Postponements: Some projects delayed, affecting future supply estimates.

Outlook

• Supply: Increased lagged due to development delays, with pre-letting driving vacancy increases.
• Economic Influence: Stronger domestic demand expected to drive growth in subsequent quarters.

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