Key Points

  • Office take-up in Dublin reached 143,840m² during Q4 2018, bringing total take-up in the capital in 2018 to a new annual record of 364,057m²
  • In total, there were 54 office transactions signed in Dublin during Q4, bringing the total number of leasing transactions in the capital in the year to 239 compared to 237 the previous year
  • Encouragingly, there was almost 150,000m² of office stock reserved in the capital at the end of the year
  • There were 7 pre-letting transactions signed in Q4 bringing the total number of pre-lets signed in Dublin in 2018 to 18 with pre-lets accounting for 36% of total take-up during 2018
  • Only 6% of office take-up in Dublin in Q4 2018 occurred in the suburbs although the suburbs accounted for 18% of overall take-up in Dublin during the year as a whole
  • Boosted by a large expansion by Facebook towards year-end, lettings to computers/technology companies accounted for 67% of take-up in Dublin in Q4 and 51% of overall office take-up in Dublin during 2018
  • 11% of office take-up in Dublin in Q4 was to co-working/flexible tenants with this sector accounting for 12% of overall take-up in the year
  • The overall rate of vacancy at the end of Q4 was 6.09% vs 7.32% the previous quarter. Meanwhile, the Grade A vacancy rate in Dublin 2/4 at the end of Q4 was 4.3%
  • Prime office rents in Dublin remained stable at €700 per square metre at the end of Q4