A new report from Savills Ireland on the Dublin office market has found that tech firms were the biggest takers of office space in the third quarter, accounting for just over 20,000 sq m or 44% of transacted space.
Savills believes 2018 will be a record-breaking year for office take-up, 2019 is expected to be a tighter year for new supply. According to the report, new office completions of 210,000 sq m will be delivered this year, around 5% more space than is likely to be completed in 2019.
It is estimated that 6,700 new jobs – enough to fill 22 average-sized office blocks – were created by tech firms between July and September, making the third quarter of 2018 Dublin’s strongest ever quarter for jobs growth in the sector.
Speaking this week, Director of Research at Savills, Dr. John McCartney said, "Ireland is carrying very strong economic momentum and, notwithstanding the known unknowns, the outlook remains positive. On average, forecasting institutions predict that the economy should expand by 6.9% and 4.2% in 2018 and 2019 respectively. This is very strong growth by historical and international standards which should lead to further jobs growth and absorption of business space."