Dublin office market to experience further boost in activity by year-end

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Knight-Frank News

Office-Lettings,Office-Working,Return-To-The-Office

Second quarter witnessed several large commercial property deals

The State’s purchase of Starwood’s remaining interests at Elmpark Green in Dublin 4, for the Health Service Executive, represented the largest deal of this year's second quarter.As we pass the mid-year mark, the take-up of office space in the Dublin market is set to reach 1.1 million square feet , with the second quarter recording a significant increase in activity.

Larger deals led activity in the second quarter. The State’s purchase of Starwood’s remaining interests at Elmpark Green in Dublin 4, for occupation by the Health Service Executive , represented the largest deal of the quarter . Tech company Stripe’s decision to take 156,000sq ft at One Wilton Park was the largest tech deal, while BNY Mellon’s signing for 79,000sq ft at the Shipping Office was the largest deal by a financial services company.

Joan Henry of Knight Frank Ireland forecasts that total take-up will reach close to two million square feet for 2024 as a whole. The remainder of 2024 offers occupiers who have their research done a number of options of new space, particularly in the city centre, at rents which have stabilised at €62.50 per square foot. Upward pressure on rents is expected in 2025, driven by a combination of cost pressures and increased demand.

 

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