The real estate advisory firm, JLL has today released its results on the performance of the Dublin office market in the first quarter. 
 
The figures show that the amount of office space that has been occupied in Dublin in the last 3 months has totalled close to 550,000 sq ft across a total of 40 deals.

This is a steady level of take-up and compared to the same period last year is up 11%. Demand has been strongest from tech-based companies, accounting for 45% of space occupied, with companies such as Google, Informatica, Multifonas, Oracle and Citrix occupying space since January. 
 
On the supply side, the vacancy rate remains steady at 8.9% with tighter supply in the city centre of 4.8% of total space. 
 
According to JLL, there was an initial flurry of enquiries from London-based companies looking for office space after the Brexit vote back in June. This was just in the form of desk-based enquiries on rents and availability.

In the last few months, however, enquiries have picked up momentum with companies now making site and building visits over to Dublin and undertaking due diligence.
 
The report indicates Dublin is not being considered in isolation and is in fact being considered alongside other European cities. The stiffest competition appears to be coming from Frankfurt, Paris, Amsterdam and Madrid. 

In terms of sectors, Dublin is seeing greatest demand from UK-based financial companies and related services, and tech firms. Sizes are ranging from space for 150 people up to 1,000 people, with only a few at the larger end of this scale.

Commenting on the report, Head of Research at JLL, Hannah Dwyer said, "In addition to the space that is currently vacant, there is an impressive pipeline of space coming on stream through redevelopment and refurbishment activity. There is currently 3.2 million sq ft of available office space under construction in Dublin which will be delivered in the in the next 18 months. This equates to approximately 25,000 jobs."

Source: www.businessworld.ie