Office take-up in Dublin during Q4 2019 reached almost 110,000m2, bringing total
take-up in 2019 to an impressive 302,594m2
• In total, there were 63 office transactions signed in Dublin during Q4 bringing the total number of office deals signed in the capital during 2019 to 199, compared to 239 in 2018
• There was a sizeable carryover of transactional activity into the first quarter of 2020 with almost 121,000 square metres of accommodation reserved and due to sign over the coming months
• 3 of the 8 office leasing transactions that extended to more than 9,290 square metres
(100,000 sq. ft.) during 2019 were signed during Q4, with all 3 comprising pre-lettings
• In total, 8 pre-letting transactions were signed during Q4, accounting for 62% of overall take-up in Dublin in the last 3 months of the year between them - In total, there were 16 pre-letting transactions completed in the capital during 2019
• Although 22% of leasing activity in Dublin in 2019 occurred in the suburbs, there was very
little suburban take-up recorded during Q4 specifically with 93% of leasing activity in the
final quarter of 2019 occurring in the city centre
• The computers & technology sector accounted for the largest proportion (58%) of take-up in Dublin during Q4 and also the largest proportion of overall take-up in Dublin during 2019 (34%)
• Despite the volume of letting activity recorded in 2019, overall demand rose quarter-on-quarter, standing at an impressive 432,172m2 at the end of 2019, with 71% indicating a preference for a city centre location
• 3% of take-up in the Dublin office market during 2019 was to flexible office providers with 10 transactions to flexible providers recorded in the 12 months
• The overall rate of vacancy in Dublin at the end of Q4 was 5.05%, down from 5.32% the previous quarter while the city centre vacancy rate stood at 4.19% at year-end
• Prime headline rents remain stable at €700 per square metre (€65 per sq. ft.) at the end of 2019 while prime yields remained steady at 4%
• Offices comprised 62% of investment spend in the Irish market in the last quarter of 2019 and 51% of overall investment spend during the year