Citi Group's premises at 1 North Wall Quay will undoubtedly be redeveloped or refurbished and reintroduced to the market as a green buildingThe Dublin office market is experiencing a game of musical chairs as environmental, social and governance goals and policies drive office occupiers to relocate to more sustainable, greener buildings. This has been further accelerated by changing occupier demands.
Many owners and occupiers recognise the opportunity to achieve their ESG goals and policies while reducing occupational costs. Moreover, the ability to attract high-quality occupiers is only possible with a green building. The game of musical chairs provides vacant possession to allow the redevelopment or refurbishment of brown buildings, thus enhancing the value of the asset.
One example of this trend is AIB’s decision to vacate Irish Life’s 1 Adelaide Road base and consolidate to 10 Molesworth Street. This move allowed Deloitte, which occupies Deloitte & Touche House on Earlsfort Terrace, to commit to the redeveloped 1 Adelaide Road. As a result, the Earlsfort Terrace property will become available to Iput for its proposed redevelopment.