• Office take-up in Dublin during Q1 2020 reached almost 100,000m2 - the second highest volume of Q1 leasing activity achieved in the capital during the last decade
  • While some occupier requirements are now being put on hold in light of Covid-19 uncertainty, it will be Q2 before any material impact becomes evident in transactional activity
  • In total, there were 31 office transactions signed in Dublin during Q1 of which 19 occured in the Dublin 2/4 district
  • There were 5 leasing transactions that extended to more than 9,290 square metres (100,000 sq. ft.) signed during Q1
  • In total, 5 pre-letting transactions were signed during the first quarter of the year, accounting for 31% of overall take-up in Dublin in Q1 2020 between them
  • 44% of leasing activity in Dublin in Q1 2020 occurred in the suburbs, while 99% of city centre take-up in the quarter occurred in the Dublin 2/4 postcode
  • At the end of Q1 2020, there was more than 88,000 square metres of accommodation reserved
  • The computers & technology sector accounted for the largest proportion (51%) of take-up in Dublin in Q1 and along with financial services (25%) and business services (14%), these three occupier categories accounted for 90% of leasing activity in Dublin in the quarter
  • The volume of overall demand fell by 21% quarter-on-quarter, with demand standing at 340,000m2 at the end of Q1 2020, with 74% indicating a preference for a city centre location
  • 2% of take-up in the Dublin office market during the first three months of 2020 was to flexible office providers with only 3 transactions to flexible providers recorded in the quarter
  • The overall rate of vacancy in Dublin at the end of Q4 was 5.06%, relatively unchanged from the previous quarter while the city centre vacancy rate stood at 4.44% at the end of Q1 2020
  • Prime headline rents remain stable at €700 per square metre (€65 per sq. ft.) at the end of the first quarter while prime yields remain steady at 4%
  • Offices comprised 39% of investment spend in the Irish market in the first quarter of 2020