Take-up in the Dublin office market recovered strongly in the first quarter after grinding to a halt last year, but still remains about 24 per cent behind the ten-year average for the period, according to new data from property groupThe market reached 477,000sq ft across 40 deals in the opening quarter of the year, which was a significantly better result than the same period of 2021 when just 22,000sq ft transacted across just seven deals.
Savills said the “hub-and-spoke working model” popularly discussed at the onset of the pandemic “appears to have dropped” as occupiers pivot back to the centrally located offices.leased 79,000sq ft. When complete, the building will be the highest office building in Dublin at 17 storeys. The largest tech deal took place at the recently completed 10 Hanover Quay, which American fintech firm Fiserv leased in its entirety.
“We therefore believe that there is a significant amount of pent-up demand that will be released in 2022.”
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