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Dublin Office Market Review 2007
Market Outlook 2008
January 2008
Dublin Office Market Review 2007
Market Outlook 2008
January 2008
Dublin Office Market Review 2007
Market Outlook 2008
January 2008
Take up of office space in Dublin has reached record levels
for the second year running. Total take up for the year at
280,741 sq.m surpassed the previous highest figure of
234,276 sq.m set in 2006. Overall market activity was
boosted by a number of large transactions signed during the
year as the banking, finance and professional services sector
again dominated take up figures. The services sector is now
the driving force in the Irish economy regarding job and
wealth creation and of vital importance to fuelling demand
for office property in Dublin.
Take up of office space in Dublin has reached record levels
for the second year running. Total take up for the year at
280,741 sq.m surpassed the previous highest figure of
234,276 sq.m set in 2006. Overall market activity was
boosted by a number of large transactions signed during the
year as the banking, finance and professional services sector
again dominated take up figures. The services sector is now
the driving force in the Irish economy regarding job and
wealth creation and of vital importance to fuelling demand
for office property in Dublin.
Take up of office space in Dublin has reached record levels
for the second year running. Total take up for the year at
280,741 sq.m surpassed the previous highest figure of
234,276 sq.m set in 2006. Overall market activity was
boosted by a number of large transactions signed during the
year as the banking, finance and professional services sector
again dominated take up figures. The services sector is now
the driving force in the Irish economy regarding job and
wealth creation and of vital importance to fuelling demand
for office property in Dublin.
Despite the record levels of take up the overall vacancy rate
has risen to 12.21% of total stock up from 10.56% at the end
of 2006. This is mainly due to a high volume of completions
during 2007 adding space to the market where buildings
were not pre let before reaching completion. Significant
schemes at 3 Spencer Dock, Riverside 4 and Elm Park,
Merrion Road all added to the available space which rose to
359,577 sq.m at the end of December up from 289,636 sq.m
at the end of 2006. The net absorption figures are also
affected by large occupiers such as Price Waterhouse
Coopers and MOP Solicitors relocating to new buildings and
leaving their old space available to re-let.
Despite the record levels of take up the overall vacancy rate
has risen to 12.21% of total stock up from 10.56% at the end
of 2006. This is mainly due to a high volume of completions
during 2007 adding space to the market where buildings
were not pre let before reaching completion. Significant
schemes at 3 Spencer Dock, Riverside 4 and Elm Park,
Merrion Road all added to the available space which rose to
359,577 sq.m at the end of December up from 289,636 sq.m
at the end of 2006. The net absorption figures are also
affected by large occupiers such as Price Waterhouse
Coopers and MOP Solicitors relocating to new buildings and
leaving their old space available to re-let.
Market Activity
Despite the record levels of take up the overall vacancy rate
has risen to 12.21% of total stock up from 10.56% at the end
of 2006. This is mainly due to a high volume of completions
during 2007 adding space to the market where buildings
were not pre let before reaching completion. Significant
schemes at 3 Spencer Dock, Riverside 4 and Elm Park,
Merrion Road all added to the available space which rose to
359,577 sq.m at the end of December up from 289,636 sq.m
at the end of 2006. The net absorption figures are also
affected by large occupiers such as Price Waterhouse
Coopers and MOP Solicitors relocating to new buildings and
leaving their old space available to re-let.
Market Activity
Market Activity
Record levels of office take up were achieved during 2007
despite difficulties in other domestic markets such as
housing and equities. Rising interest rates and therefore
Event Sponsorship Event Management Research
Record levels of office take up were achieved during 2007
despite difficulties in other domestic markets such as
housing and equities. Rising interest rates and therefore
Record levels of office take up were achieved during 2007
despite difficulties in other domestic markets such as
housing and equities. Rising interest rates and therefore
MARKET STATISTICS (DECEMBER 2007)
Take Up 280,741 sq.m
Vacancy Rate 12.21%
Available Space 359,577 sq.m
Total Office Stock 2,945,813 sq m
Completions 2007 200,898 sq.m
Under Construction (Dec 2007)
Mill Court, Dublin 8
New own door office units for sale from plans
100 – 5,000 sq.m
TOP 10 OFFICE DEALS 2007 Size Tenant
01
02
03
04
05
06
07
08
09
Brookes Thomas site, North Docks, Dublin 1. 20,500 sq.m Anglo Irish Bank
Carroll Transport site, South Docks, Dublin 2. 15,794 sq.m State Street Bank
Grand Canal Square, South Docks, Dublin 2. 12,077 sq.m William Fry Solicitors
Cherrywood Business Park, Co. Dublin. 10,591 sq.m Bank of Scotland
HQ2 Elm Park, Merrion Road, Dublin 4. 9,322 sq.m Allianz
Block 3 Dundrum Town Centre, Dublin 14. 6,200 sq.m Royal and Sun Alliance
1 Grand Canal Square, South Docks, Dublin 2. 5,901 sq.m HSBC
Watermarque, South Lotts Road, Dublin 4. 5,574 sq.m Pfizer
362,652 sq.m
HWBc Property Management
10
MARKET STATISTICS (DECEMBER 2007)
Take Up 280,741 sq.m
Vacancy Rate 12.21%
Available Space 359,577 sq.m
Total Office Stock 2,945,813 sq m
Completions 2007 200,898 sq.m
Under Construction (Dec 2007)
Mill Court, Dublin 8
Arena Road, Tallaght, Dublin 24. 5,574 sq.m Bank of Ireland
Block 2 The Oval, Ballsbridge, Dublin 4. 5,558 sq.m Eirgrid
362,652 sq.m
New own door office units for sale from plans
100 – 5,000 sq.m
TOP 10 OFFICE DEALS 2007 Size Tenant
01
02
03
04
05
06
07
08
09
10
MARKET STATISTICS (DECEMBER 2007)
Take Up 280,741 sq.m
Vacancy Rate 12.21%
Available Space 359,577 sq.m
Total Office Stock 2,945,813 sq m
Completions 2007 200,898 sq.m
Under Construction (Dec 2007)
Mill Court, Dublin 8
Brookes Thomas site, North Docks, Dublin 1. 20,500 sq.m Anglo Irish Bank
Carroll Transport site, South Docks, Dublin 2. 15,794 sq.m State Street Bank
Grand Canal Square, South Docks, Dublin 2. 12,077 sq.m William Fry Solicitors
Cherrywood Business Park, Co. Dublin. 10,591 sq.m Bank of Scotland
HQ2 Elm Park, Merrion Road, Dublin 4. 9,322 sq.m Allianz
Block 3 Dundrum Town Centre, Dublin 14. 6,200 sq.m Royal and Sun Alliance
1 Grand Canal Square, South Docks, Dublin 2. 5,901 sq.m HSBC
Watermarque, South Lotts Road, Dublin 4. 5,574 sq.m Pfizer
Arena Road, Tallaght, Dublin 24. 5,574 sq.m Bank of Ireland
Block 2 The Oval, Ballsbridge, Dublin 4. 5,558 sq.m Eirgrid
362,652 sq.m
New own door office units for sale from plans
100 – 5,000 sq.m
TOP 10 OFFICE DEALS 2007 Size Tenant
01
02
03
04
05
06
07
08
09
10
Brookes Thomas site, North Docks, Dublin 1. 20,500 sq.m Anglo Irish Bank
Carroll Transport site, South Docks, Dublin 2. 15,794 sq.m State Street Bank
Grand Canal Square, South Docks, Dublin 2. 12,077 sq.m William Fry Solicitors
Cherrywood Business Park, Co. Dublin. 10,591 sq.m Bank of Scotland
HQ2 Elm Park, Merrion Road, Dublin 4. 9,322 sq.m Allianz
Block 3 Dundrum Town Centre, Dublin 14. 6,200 sq.m Royal and Sun Alliance
1 Grand Canal Square, South Docks, Dublin 2. 5,901 sq.m HSBC
Watermarque, South Lotts Road, Dublin 4. 5,574 sq.m Pfizer
Arena Road, Tallaght, Dublin 24. 5,574 sq.m Bank of Ireland
Block 2 The Oval, Ballsbridge, Dublin 4. 5,558 sq.m Eirgrid