Dublin’s office market has had another strong quarter as the commercial property sector continues to outperform the stagnant residential sector.
CB Richard Ellis in Dublin said in its latest Dublin Office Report published today that more than around 2.1m sq ft of office space has been let in the first nine months of the year, in a market where the ten-year annual average take-up has been around 1.6m sq ft.
It said a total of around 863,000 sq ft of office space was let in the third quarter compared to just over 645,000 sq ft in the same quarter last year.
More than two-thirds of the space let was located in the city centre with Anglo Irish agreeing a prelet of 215,280 sq ft of space at the Brooks Thomas site on North Wall Quay in Dublin’s Docklands.
Dublin’s city centre vacany rate is now 5.5% while the overall vacancy rate in the capital is 10.2%.
James Mullhall, director of office agency at CBRE, said: ‘2007 looks set to go down as the strongest year on record in terms of letting activity in the Dublin office market with demand buoyed by relocation and expansion plans of both domestic and international occupiers.’