2024-12-17-莱坊-Dublin_Office_Market_Overview_October_-_Q3_2024_6页_1mb

Economic Context: The Dublin office market is experiencing a significant upturn driven by a strong labor market, declining inflation (now below 2%), and anticipated interest rate cuts, which are boosting occupier activity and overall economic growth.

Supply and Development: Development pipeline remains tight with over 2m-2.2m sq ft of new space planned for 2024-2026, of which 61% is pre-let, contributing to a falling vacancy rate from a peak of 15.9% to 15.1% by Q3 2024.

Occupier Trends: High demand for office space, with Q3 take-up reaching 581,000 sq ft, driven by sectors like Professional Services (30% of activity), Financial Services, and TMT companies. Occupiers show a strong preference for ESG-certified buildings, reducing vacancy and increasing prime rental rates.

Investment Market: Office investment volumes reached €141.8m in Q3 2024, with a focus on sustainable properties, supported by significant foreign capital inflows (€591.2m year-to-date), particularly from UK and European investors.

Overall Outlook: The market demonstrates strong momentum, with occupier demand outpacing supply, and is expected to maintain this trend through increased focus on ESG and potential supply constraints limiting options.