Verbal blows were traded at Dublin Question Time last night over the availability of office space in Dublin. Green REIT’s Pat Gunne stood in one corner and John O’Keeffe, vice-president of start-up Nitro in the other.
O’Keeffe said from the audience: “One of the major issues prohibiting the growth of my company is lack of office space. The effect this could have on Dublin’s economy should not be underestimated, it’s a real problem. Rents here are getting out of hand and that could turn new occupiers away.”
Most members of the panel agreed that the shortage was a problem, as most builds won’t come online until 2017.
John McCartney, director of research at Savills, pointed to refurbs as becoming more important in the future but warned: “We could see explosive rental growth as we have in previous cycles.”
Gunne, however, was not convinced: “If you look at the vacancy rate in West London, which is sub 3%, that’s a real problem. But in Dublin we are nowhere near that level. Green REIT has loads of space at George’s Quay and elsewhere.”
Gunne then offered to trade cards with O’Keeffe after the event to see if they could come to an arrangement.
