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The first quarter of 2011 has seen a strong rise in demand for office space in Dublin, a new research report has found.
Research from real estate agents Savills found that there has been a take up of 45,500 square feet of office space in Dublin so far this year.
This is a two percent rise compared to the last quarter of 2010, and at least a doubling of the figures for the same quarter last year.
The research predicted that by the end of the year take up of office space in Dublin could be up to 150,000 square meters.
Joan Henry, head of research at Savills Ireland, said: “Demand for office space in the first three months of the year has been strong.
“The fall in vacancy rate reflects a combination of factors, in particular a consistent level of demand for space since the middle of 2010 and a halt in the amount of newly completed space coming to the market, especially Grade A space in prime locations.”
Almost half the take up has been due to Google’s recent purchase of the Montevetro building, which has 19,000 square feet of office space.
Roland O’Connell, the Director of Office Agency at Savills Ireland said: “We expect demand for space to remain consistent as existing occupiers look for opportunities to move to better locations on more favourable terms and conditions.”
He added that there is continued demand from multinationals in the IT sector, despite the financial climate. O’Connell also said that demand from the financial sector ‘boded well’ for the future.
Currently EU and IMF officials are meeting with the Irish government on the state of the country’s economy. The meetings will continue over the next ten days, in order to see whether Ireland is meeting the conditions under which the bailout was set.