Dublin’s office market recovery may mean lower rents

Dublin city centre: hopes that the drag on demand from remote working would be resolved by a strengthening return-to-the-office dynamic appear to be fadingEvery journey starts with a single step, and Dublin’s office market has taken an important step towards stability in recent months. Following a sluggish 2023, take-up plummeted to just 16,300sq m in the first quarter – the lowest “peacetime” figure in a decade.

These green shoots have generated considerable optimism, and agents can point to legitimate positives. Tech leasing, which once represented more than half of the market, has not recovered from the 2022 “tech wreck”. However, advances in artificial intelligence are generating a new wave of job opportunities, and tech employment in Dublin has rebounded by 11.3 per cent in the past six months, according to figures from the Central Statistics Office .

Hopes that the drag on demand from remote working would be resolved by a strengthening return-to-the-office dynamic appear to be fading. CSO figures show that the proportion of employees working remotely, and the number of days they are spending at home, have both now stabilised at well above pre-Covid levels.

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