Investors are continuing to chase a growing stock of commercial property, although well-located sites remain at a premium. The amount of office space currently under construction this year is expected to amount to more than 220,000 square metres.

Close to half of the new stock has already been taken up, according to Hamilton Osborne King. In its 1999 office survey, the auctioneers state that less than 12 per cent of the space reaching completion this year will be situated in Dublin 2. Around 44 per cent is in non-traditional office locations outside the central city. Pressure is set to continue on rents, with the auctioneers predicting particularly strong returns in prime locations.