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Demand for prime office space to rent in Dublin increased markedly in 2011 and the trend is likely to continue throughout the rest of this year, according to a newly released study on the subject.
There has been very little office space development in the Irish capital since the onset of the economic crisis and this lack of new supply has served to keep demand for Grade A space relatively high in recent months.
Figures from the consultancy firm Savills show that there was just over 300,000 square feet of Dublin office space let in the final quarter of 2011 and close to 160,000 sqft in the entire 12 month period.
Overall vacancy rates across the city fell from 23 percent to 21.6 percent last year, with no new office developments in the pipeline at the end of the year. Savills report suggests that demand for offices in Dublin is based in large part on the location of the space, with central areas of the city consistently the most sought after.
Looking specifically at the kind of employers that might be keen on renting office space in central Dublin, Savills’ experts point particularly to international telecoms, media and technology companies.
The falling but still relatively high vacancy levels across the city’s office space stock looks set to keep landlord’s under pressure to offer potential occupants highly competitive deals in 2012, according to the report.
Joan Henry, director of research at Savills’ Dublin office, commented: “Letting activity in the Dublin office market showed an increase of 25 percent compared to 2010 and reached twice the total occupied in 2009.”
The market for commercial property in Dublin was hit hard by the financial crash of 2008, while the Irish economy in general has since struggled to recover and been hindered further by the crisis across the euro zone.