Volume of space down 44% on the previous quarter and 63% below five-year quarterly average, report from JLL Ireland shows
Office leasing in Dublin has fallen to its lowest level in more than a decade when you strip out the pandemic years, according to a report by commercial property group JLL Ireland.
Outside of the pandemic years in 2020 and 2021, it was the lowest quarterly volume of space leased since 2013.There’s no real competition in Irish banking Sublease and assignment space, known as “grey space”, was described as a “significant factor” in Dublin’s vacancy rate. Dublin 2 and Dublin 4 sub-locations contain the majority of grey space, with 885,000sq ft and 500,000sq ft respectively.
Recent research from JLL noted that if buildings are not “future-proofed” it is estimated that 61 per cent of the Dublin office market will become “functionally obsolete” by 2030.
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