THE total office space currently available for letting in Dublin is about 500,000 square feet, according to Jones Lang Wootton. Of this, 120,000 square feet is third-generation office space.
This 120,000 square feet is broken down as follows 28,000 square feet in Dublin 2, 18,000 in Dublin 4 and 78,000 square feet in other areas such as south county Dublin.
Agents say rents in the prime suburban office developments are hitting around £13-£14 per square foot, while in the city centre they are making £16-£17 per square foot. Secondhand office space in the city centre, which was making £9-£10 per square foot, is now fetching £11-£12, according to agents.
"A lot of tenants who are quite happy to occupy second-generation (older) refurbished offices will pay £10-£12 per square foot," says Sean Davin, of John T. Davin and Co. A recently-built 17,000-square-foot speculative development at Blackrock Park House has just been let to AIG Europe, a computer software operation. AIG will be paying £13.75 per square foot.
Meanwhile, work will begin next month on a speculative scheme along the front of the former Irish Sugar Company offices at Earlsfort Terrace. Davy Hickey Properties will develop a 12,000-square-foot block and an 8,000-square-foot block on an adjacent site. Rents are likely to be £18-£20 per square foot.
