The Irish Times have reported a steady increase in demand for office space in Dublin, Republic of Ireland.
The reasons for the increase have been attributed to a recovering economy, but also the new advantages available to tenants such as break options and better value deals. The city’s office space market had been at a stand-still for the past six months as now more companies are on the search for prime office space, mainly in the docklands and south of the city.
Dublin has the advantage of having a high level of vacant office space available to meet current and potential demands, vacancy rates are the highest they have been in years. With property owners keen to make the most of the market, but also fill vacant offices, they’re offering great value packages to potential tenants.
There is lots of space available in newly finished developments too, which is a rarity elsewhere. Developers predict that the new high quality office space available will be filled by the end of the year.
Head of Lisney office divisin of AIB Capital Markets, James Nugent, feels positive about the future of the office soace market in Dublin, he’s also confident that the market has finally ‘bottomed out’ and is back on the road to improvement.
Major companies are currently on the hunt for prime office space in Dublin, including Yahoo, LinkedIn, eBay, National Irish Bank and Central Bank.
The report signifies a strong recovery for the Irish office space market, and hopes for the future are high, markets will continue to improve meaning that demand will grow and the more opportunities for investment and new developments.