Dublin Office Market Q2 2023

Public Sector Boosts Q2 Leasing Activity; Return to Office (RTO) Mandates Increasing

July 20, 2023 10 Minute Read

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  • Over the last three months an increasing number of employers have started to implement ‘Return to Office’ (RTO) mandates. This trend is supported by data from the CBRE European Office Occupier Sentiment Survey 2023
  • Leasing activity in the Dublin office market is now characterised by smaller deals, largely driven by lease events or relocations by professional, financial or public sector occupiers
  • Dublin office take-up rebounded by 44% quarter-on-quarter in Q2, totalling 38,152 sq. m, with the completion of two notable deals boosting overall activity and sentiment
  • The number of individual transactions completing in Dublin remains encouraging. A total of 53 office transactions completed in Q2. This is ahead of the long-term quarterly average
  • The largest deal of the quarter, and so far in 2023, was signed by the National Transport Authority, who agreed a 20-year lease at the newly delivered Haymarket House in Dublin 7
  • The vacancy rate across all stock in the Dublin office market is now 13.6%
  • The sale of 87-88 Harcourt Rd. to Remake AM for €34m was a notable investment sale for the market in Q2, and could act as a catalyst for further secondhand office trades this year