Quite alarming statistics are emerging in relation to Dublin’s commercial property market. Is this a temporary blip, an indication of a long-term slump, or an opportunity for some lateral thinking?
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It put Dublin’s overall headline vacancy rate at 17.7 per cent at the end of March, its highest level since the end of the recession in 2014. Letting activity by tech companies has fallen substantially, from about 60 per cent of total annual Dublin office take-up in 2019 to about 20 per cent last year.
. But while the Irish market is being affected by a correlated global shock, it also appears to have experienced a sharper cumulative decline than found in many other countries. This, the Central Bank points out, is part-explained by the outsized importance of offices to the overall commercial real estate market here.
Letting activity by tech companies has fallen substantially, from about 60 per cent of total annual Dublin office take-up in 2019 to about 20 per cent last year. But the current state of Ireland’s office stock in terms of energy efficiency is a significant concern, it warns. As of now only 2 per cent of office buildings across the country hold an A rating for energy efficiency, while 59 per cent of the office stock is rated D or lower.
The fact that more than half of US companies with a presence here surveyed by the American Chamber of Commerce indicated they expect employee numbers in their Irish operations to rise in the year ahead, backs this up, with 35 per cent expecting to maintain current numbers.
Commercial-Real-Estate Central-Bank-Of-Ireland Savills American-Chamber-Of-Commerce-Ireland Hooke-Macdonald
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