The TMT sector accounts for 35% of occupation in Dublin’s city centre, the highest percentage in Europe, according to a Colliers International report.
The report, which examined the impact of the tech industry on European office markets during 2014, also revealed that Dublin had the third most expensive rent for the sector at €44-€49 (£31-£35) per sq ft in prime central Dublin.
Colliers credits Dublin’s tech expansion to the strength of the Irish economy. The country’s GDP grew by 5% in 2014 and is predicted to increase by 4% in 2015. Total tech office take-up reached 807,000 sq ft in 2014.
Rents are expected to continue to increase within the next two years as no newly developed space will be delivered in 2015.
Paul Finucane, Colliers director of business space in Dublin, said: “A competitive recruitment environment has emerged and in order for the majority of new entrants to compete with existing operators in securing the best talent, rivalry for the best office space in the city centre as opposed to the suburbs has emerged.”
