A computer-generated image of the offices Ronan Group Real Estate intends to develop at the Waterfront site in Dublin's north docklandsVacancy rates in Dublin’s office market are on the increases. A report this week from BNP Paribas estimated that around 14 per cent of the office space in the capital is vacant and that this will rise to 16 to 17 per cent by the end of the year. A flood of new office space is coming on to the market, but demand is much lower.
The second key factor has been the pullback from some big technology employers, who had been very major players in the market in recent years, expanding their office space significantly. Many have cut employment and are reconsidering the space they require. ‘We got a ring, it looked like a washer’: Irish victims lose thousands in global online shopping scam centred in ChinaTo a large extent the Government will let this cycle play out. But there are policy implications, too. One is that the fall-off in office building should free construction staff to work on housebuilding or infrastructure projects. Reskilling may be needed in some cases to allow this to happen.