Leading commercial real estate agent, Knight Frank, has estimated that the office vacancy rate in Dublin stands at 14.3%.
"This increase reflects a particular complexity in the market at present whereby an increase in grey market space and a peak in the delivery of new space are creating a one-off spike in the amount of space available, particularly in the city centre market," Knight Frank said.
"When buildings with no sustainability credentials or lower BERs are excluded, the vacancy rate reduces considerably." The agent said that 327,058 sq ft of office space was let in the Dublin market between July and September.The market continues to be dominated by small deals, it said in its third quarter report."Smaller deal sizes continue to be a key trend in 2023 as occupiers take a more considered approach to re-location requirements, amenities and ESG priorities", Jim O’Reilly, Director, Offices at Knight Frank Ireland.
Take-up in the city centre amounted to 66% of the total, with Dublin 2 representing just over half of that.The largest was the purchase of 3007 Lake Drive, Citywest Business Campus in the West Suburbs by Sisk/Capwell.The company has predicted that the second half of the year will be quieter in terms of new deals than the first as interest rates remain higher.
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