The current shortage of office space in Dublin city centre has helped the Cosgrave Property Group to pre-let the first block it is building at George's Quay, in Dublin 2. The five-storey block, due to be completed next March, will have 105,000 sq ft. Four international companies will share the block, paying a rent of slightly under £35 per sq ft.

The car-parking spaces, at £2,750 per annum, are thought to be the most expensive in a new office scheme.

There was intense competition from a range of Irish and international companies for space in the first block.

Most of the firms who failed to secure space in the first phase are now expected to seek accommodation in the remainder of the scheme, which will have up to 200,000 sq ft. Jones Lang LaSalle is the letting agent.