Dublin office rebound could propel take-up past 2m sq ft

Leasing activity has continued to rebound in Dublin, with nearly 600,000 sq ft let in Q3 and a further 917,000 sq ft reserved, according to CBRE. CBRE Ireland now predicts office take-up could exceed 2m sq ft by the end of the year, having  surpassed the total achieved last year by the end of Q3. While still below the 2.6m sq ft 10-year annual average take-up for the Dublin market, a spokesperson for CBRE described the results as a “positive outturn given ongoing questions regarding the potential impact of increased hybrid working on the long-term demand for office space”. The largest letting of the quarter was to professional services firm EY, which took a lease assignment from social media company LinkedIn at IPUT’s Two and Three Wilton Park in Dublin 2. Other notable deals included private equity firm KKR taking additional space at the Cadenza building on Earlsfort Terrace to occupy a total of 59,00 sq ft, and law firm Addleshaw Goddard’s lease for 25,000 sq ft at Amundi Real Estate’s Fitzwilliam 28 building in Dublin 2. Alan Moran, head of office investor leasing at CBRE Ireland, said the Dublin market had “improved significantly” as a result of “a number of positive news stories”, including HR software provider Workday’s 400,000 sq ft lease for a European HQ at Marlet’s College Square in Dublin 2. Photo © imageBROKER/Shutterstock