The first quarter of 2015 saw the highest number of office lease deals in Dublin in seven years, according to CBRE Dublin’s bi-monthly report.
The three-month period totted up 64 letting transactions. Five of the 10 largest lettings were for space in the suburbs, owing to the shortage of stock in central Dublin.
The largest letting was signed by IT company Parexel, which took 28,000 sq ft in the Dublin 6/8 district.
The stock shortage is driving up rents in the city, where record rents of more than €60 (£43) per sq ft have been agreed.
Some occupiers are now subletting or assigning excess accommodation to release office stock. There has also been an increase in refurbishment projects.
CBRE reports that investment activity is strong in the city, with €500m of deals expected to complete over the coming weeks, during which loan portfolios with a face value of up to €15bn are also expected to be brought to market.
