2023-04-25-莱坊-Dublin_Office_Market_Overview_Q1_2023_7页_1mb

Economy and Labour Market: Ireland's economy expanded in 2023 with a 5% GDP forecast, driven by strong domestic activity. Key sectors (TMT, Industry, Finance) created jobs, contributing to high employment (almost 285,000 more jobs since 2019). Labour market strength fuels office demand.

Office Market Activity: Q1 2023 office take-up reached 281,913 sq ft, led by TMT (57%) and Financial Services (21%). The TMT sector continued to drive demand, with companies like Datadog making large acquisitions. However, vacancy rates rose to 13.1%, pressuring rental rates. New supply is expected to reach 2.2 million sq ft in 2023, mostly in city centre locations.

Outlook and Trends: Hybrid working persists, leading to flexible office trends. TMT companies are adjusting space sizes to reduce overheads. Amenities like breakout areas and meeting rooms are important for occupiers. Investment activity was cautious due to global bank failures and higher interest rates, affecting real estate markets.

Challenges and Opportunities: Delays in development projects are due to supply chain issues and rising costs. Ireland remains attractive for investment due to its skilled workforce, pro-trade policies, and EU membership. The outlook for 2023 includes potential contraction in supply amid economic resilience and flexible work arrangements.