January 6, 2023

Dublin, January 6th, 2023 – Commercial property specialists CBRE today released figures for the volume of office take-up activity completed in Dublin in the full year 2022. According to CBRE, the Dublin office market enjoyed its strongest year of activity since the onset of the pandemic, with a total of 206,000 sq. m. of take-up recorded in 2022. An increase of approximately 35% versus the full year of activity in 2021.

The final quarter of 2022 saw a total of 48 new transactions close, accounting for approximately 47,100 sq. m. of office footprint in the city. The profile of tenants taking space during the quarter was reflective of trends in the broader economic environment. Professional, financial, pharmaceutical, and public sector tenants were the most active in the quarter, while technology sector clients made up only two of the top 10 deals in Q4.

Dublin Office Take Up Graph

According to Director & Head of Research at CBRE Ireland, Colin Richardson, Despite macroeconomic headwinds, the Dublin office market recorded a robust year of leasing activity in 2022. The profile of tenants active in Q4 is notable, and we expect to see a continuation of this trend in 2023, with more professional and ‘non-technology’ sector clients active in leasing space. The onus on organisations to meet ESG objectives could act as a catalyst for leasing activity in the coming year, with a number of challenges currently facing the market”.



About CBRE

CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com