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Commercial Property

Dublin office market demand has 'decoupled' from wider economy

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FACEBOOK'S agreement to take 80,826 sq m (870,003 sq ft) of space on the site of AIB's former Bankcentre premises in Ballsbridge helped propel the Dublin office market towards a record-breaking year in 2018, according to a new report from Savills. All told, 345,743 sq m (3,721,456 sq ft) of office lettings were agreed last year.

Commenting on the overall Dublin office market, Savills' director of research, Dr John McCartney, said: "The use of English as the main spoken language, the country's strong cultural ties with the US, a business-friendly environment and policy choices that embrace globalisation are all leading to a continued inflow of foreign capital.

"These operations often serve a global audience and, as a result, their business space needs have decoupled from the size of the domestic economy."

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The size of the average new office block in Dublin is now over 7,000 sq m compared with 2,900 sq m in 1998, and under 1,300 sq m in 1988.

Irish Independent

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