Commercial property specialists CBRE said the office market in Dublin proved robust in the last three months of 2022 despite pull-back in growth in the technology sector.
Take-up in Q4 totaled at 74,942 sq m, driven by two large, high-profile transactions: Citigroup signing for 27,871 sq m of space at the planned Waterfront South Central development in the north docklands, and the assignment agreement reached between SMBC Aviation Capital and the recently acquired technology company Slack, for 12,577 sq m of space at the newly refurbished Fitzwilliam 28 in Dublin 2.
The report showed absorption trends are changing, while demand is now largely driven by professional, financial and public sector occupiers, as technology sector sentiment has weakened. It found that competition at the prime end of the market remains solid, while weakness is coming through in secondary and the suburbs. Office investment volumes were lower in Q4, totaling €110m, while prime yields continued to soften.
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