Dublin's office market had a strong third quarter with take-up significantly up on the second quarter according to CB Richard Ellis.
CBRE said in its Dublin Office Market Q3 View published today that more than 624,000 sq ft of office space was signed this quarter, which is nearly double the second quarter take up which was around 330,000 sq ft. It brings the total take up for the first nine months to more than 1.4m sq ft.
However it said that demand was still weakening and with competition between landlords for tenants intensifying, prime office rents in the city centre have come under downward pressure. Grade A rents in the capital city are now around €645/sq m.
The overall vacancy rate in the Dublin office market has increased slightly to 11.7%, although there is variance in vacancy rates from district to district and the city centre has seen a fall in the vacancy rate.
Unlike the first half of 2008, over a third of Dublin office lettings signed during the third quarter were pre-letting agreements.