CBRE Ireland today released figures for the volume of office lettings signed in Dublin during 2018, which shows that the volume of office leasing activity recorded in the capital last year beat all previous records. According to CBRE, almost 144,000m2 of office lettings signed in Dublin during Q4 2018 alone
In total, more than 364,000m2 of office leasing activity occurred in Dublin during 2018, surpassing all previous records in the capital. Meanwhile, the overall rate of vacancy in the Dublin office market at the end of last year was just over 6%.
Source: CBRE Research
According to Marie Hunt, Executive Director and Head of Research at CBRE in Ireland, “2018 was the second consecutive year where the Dublin office market achieved above-average performance, boosted by several strategic transactions, predominantly from the expansion of occupiers in the technology sector. Most of the large transactions signed in 2018 occurred in some of the new office stock being delivered in the capital with occupiers committing to buildings in advance of practical completion.”
CBRE are due to release the 30th edition of their annual ‘Outlook’ report next week, looking at prospects for all sectors of the Irish commercial property market in 2019.