Dublin office leasing activity picks up after long period of decline

Commercial leasing market has been in doldrums since the pandemic

“Now that lockdown measures have eased, office workers have started to return to their offices,” says CBRE.

“Now that lockdown measures have eased, office workers have started to return to their offices,” says CBRE.

 

Office leasing in Dublin has picked up amid the easing of restrictions.

In its latest quarterly bulletin on the sector, commercial property specialist CBRE highlighted a higher level of leasing activity in the Dublin office market in the third quarter. It said leasing activity reached 40,000 square metres in 49 individual transactions in the third quarter of 2021.

This was the highest take-up since the first quarter of 2020 and signalled “the Dublin office market is now firmly in recovery mode following low volumes of occupier leasing being recorded since the onset of the pandemic,” CBRE said.

The overall rate of vacancy in the capital also fell again to 8.8 per cent, having peaked during the pandemic at 9.6 per cent, the company said.

Appetite

“Now that lockdown measures have eased, office workers have started to return to their offices and occupiers are once again able to travel and inspect buildings, there has been a discernible increase in appetite for office accommodation in the Dublin market,” Vanessa Mansfield, associate director in the office leasing team at CBRE Ireland, said.

“ Take-up volumes are showing signs of improvement quarter-on-quarter. In addition, demand has increased in each of the last three quarters, with total requirements for accommodation in the capital at the end of Q3 2021 in excess of 407,000 square metres - close to the pre-pandemic peak in Q4 2019, which is very encouraging,” she said.