Office space for up to 30,000 workers being added this year

Some 196,335 square metres of office space will come on the market this year with more than two-thirds of new buildings already pre-let.

This is according to new data from Savills Ireland, the amount of space available will rise 35 per cent versus last year. Overall, space to accommodate up to 30,000 workers will be added in 2021. This suggests that reports of the demise of the office may be inaccurate.

Overall, some 77 per cent of new office stock due this year is already pre-let with over 50 per cent of the 197,949 sq m set for delivery in 2022, also having found occupiers.

Of the office stock that was delivered in 2020, 53 per cent is now either pre-let or agreed to occupiers, having fallen to approximately 35 per cent last year due to the uncertainty brought about by the Covid crisis.

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“As we enter the reopening phase of the economy, we expect to see a continued rise in demand for space, especially new environmentally friendly buildings, as occupiers start to return to the office and formulate long-term occupational strategies,” said Sean Ryan McCaffrey, associate director at Savills.

Mr McCaffrey said demand for office stock is not unique to the Republic with similar patterns seen across many European cities.