HWBC dismisses Denis O'Brien Dublin office ‘bubble’ claim

Dublin office market vacancy rate currently 7 per cent, agency estimates

HWBC estimates that 2.73 million square feet of office space set to be built in Dublin this year, up from 1.97 million square feet in 2017. Photograph: Bryan O’Brien

HWBC estimates that 2.73 million square feet of office space set to be built in Dublin this year, up from 1.97 million square feet in 2017. Photograph: Bryan O’Brien

Irish property consultancy HWBC has dismissed a claim from businessman Denis O’Brien that Dublin’s office market is currently in “bubble” territory, even as the firm expects prime rents to plateau in 2018 after more than doubling over the past five years.

In a market outlook due to be published on Friday, HWBC said 2017 was a record year for take-up of office space, with leases on 3.57 million square feet (331,664sq m) signed off on by tenants including Microsoft, JP Morgan, AIB, and Facebook.

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