More than a million sq ft of Dublin office space rented in Q2

Knight Frank study cites 30% increase in office take-up in first six months of 2017

Block H, Central Park: AIB’s move to the  Leopardstown development was the second biggest office transaction in Q2 of 2017. Photograph: Cyril Byrne

Block H, Central Park: AIB’s move to the Leopardstown development was the second biggest office transaction in Q2 of 2017. Photograph: Cyril Byrne

 

The take-up of office space in the Dublin market has exceeded 1 million sq ft in the last quarter for the first time. A study by Knight Frank has shown that 1,049,536sq ft of office space was transacted in the second quarter.

Take-up for the first six months of the year totalled 1,491,942sq ft, a 30 per cent increase on the same period in 2016.

Knight Frank said the high take up in Q2 could be attributed to a flow of new office stock. All of the top eight transactions involved new or refurbished office stock.

Facebook’s rental of 170,000sq ft at the Beckett Building at East Wall was the largest deal in the second quarter, followed by AIB’s decision to occupy 152,000sq ft at Block H in Central Park.

Meanwhile, JP Morgan’s purchase of the 128,220sq ft at Capital Dock was the first tangible evidence of a “Brexit bounce”.

The Knight Frank report also said that Zendesk’s pre-letting of 57,865sq ft at the soon-to-be-completed block at 55 Charlemont, and Google’s decision to lease 51,096sq ft at the Velasco Building marked the completion of the top five deals.