05. Februar 2010 
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Take-up in the Dublin office market reached more than 78,00 sqm in 2009
According to the Dublin Office Market View Q4 2009 from property consultants CB Richard Ellis, take-up of 19,812 sqm in the last three months of the year pushed overall Dublin office take-up for 2009 to 78,230 sqm. This represents around 50% of the average annual take-up seen over the last several years. Letting activity, in terms of total square metres, fell on a quarterly basis by 20% in Q4 and fell by almost 40% compared to the same quarter of the previous year. For the year as a whole, the 78,230 sqm of take-up achieved in 2009 represents a fall in annual take-up of 54% from the nearly 169,000 sqm of take-up achieved in 2008. There were 53 individual lettings in Dublin during Q4 2009, bringing the year end transaction count to 185.
Patrick Koucheravy, Property Economist at CB Richard Ellis Ireland, said: “While take-up in 2009 was down by a significant level compared to previous years and the long-term average, we’re encouraged by the fact that over half of the take-up in the fourth quarter of last year – about 34,000 sqm – was new take-up. That is, half of the take-up recorded in Q4 was either new entrants to the Dublin office market or expansions by occupiers already with a presence in Ireland, not relocations. We’re also encouraged by the fact that demand is on the rise, as international occupiers looking at Dublin are taking notice of the reduced rental levels on offer.”
The new report highlights that prime office rents in the capital have at this point fallen by 45% from peak and they say that the rental falls, while difficult for some in the property industry, are helping increase competitiveness for Dublin as a location for international occupiers.
CB Richard Ellis said their research indicates that overall vacancy for the Dublin market moved to 23% in Q4; the total vacant office stock in the Irish capital stood at over 820,00 sqm as of the end of 2009. The disparity in vacancy between sub-markets remained obvious, however. Most notably, vacancy in the South Suburbs fell from 14.3% to 13.7%, while vacancy in Dublin 2/4 increased from 14.1% to 17.2% in the quarter, a direct result of the bulk of Q4 2009 development completions occurring there.
CB Richard Ellis said their research indicates that just under half (47.4%) of the take-up in Q4 2009 was attributed to business services tenants, while a further 26% came from lettings to computers/hi-tech tenants. Two of the largest office lettings signed in Q4 2009 occurred in the city centre district: the letting of 1,584 sqm to Audi on Merrion Road, Dublin 4 and the letting of 1,858 sqm to 3 Ireland at One Clarendon Row in Dublin 2. Nineteen other smaller lettings signed in the Dublin city centre during Q4 2009.
Patrick Koucheravy, Property Economist at CB Richard Ellis Ireland, said: “While take-up in 2009 was down by a significant level compared to previous years and the long-term average, we’re encouraged by the fact that over half of the take-up in the fourth quarter of last year – about 34,000 sqm – was new take-up. That is, half of the take-up recorded in Q4 was either new entrants to the Dublin office market or expansions by occupiers already with a presence in Ireland, not relocations. We’re also encouraged by the fact that demand is on the rise, as international occupiers looking at Dublin are taking notice of the reduced rental levels on offer.”
The new report highlights that prime office rents in the capital have at this point fallen by 45% from peak and they say that the rental falls, while difficult for some in the property industry, are helping increase competitiveness for Dublin as a location for international occupiers.
CB Richard Ellis said their research indicates that overall vacancy for the Dublin market moved to 23% in Q4; the total vacant office stock in the Irish capital stood at over 820,00 sqm as of the end of 2009. The disparity in vacancy between sub-markets remained obvious, however. Most notably, vacancy in the South Suburbs fell from 14.3% to 13.7%, while vacancy in Dublin 2/4 increased from 14.1% to 17.2% in the quarter, a direct result of the bulk of Q4 2009 development completions occurring there.
CB Richard Ellis said their research indicates that just under half (47.4%) of the take-up in Q4 2009 was attributed to business services tenants, while a further 26% came from lettings to computers/hi-tech tenants. Two of the largest office lettings signed in Q4 2009 occurred in the city centre district: the letting of 1,584 sqm to Audi on Merrion Road, Dublin 4 and the letting of 1,858 sqm to 3 Ireland at One Clarendon Row in Dublin 2. Nineteen other smaller lettings signed in the Dublin city centre during Q4 2009.
