Dublin office rents rose by 15% last year - survey

Monday 17 February 2014 08.16
Two of the four biggest deals in Dublin during 2013 were in Grand Canal Square
Two of the four biggest deals in Dublin during 2013 were in Grand Canal Square

Prime office rents in Dublin rose by 15% last year and are likely to rise by a further 10% this year, according to commercial property specialist HWBC.

In its annual office market review, the company notes that there was a 20% increase in the amount of office space let in Dublin last year.

The biggest deal in the Dublin market last year was Facebook’s move to a 11,300 sqm office in Grand Canal Square.

The second largest deal was Deutsche Bank’s move to a 10,100 sqm office in the city’s East Point, while trading and derivates firm SIG’s deal to move into International House in the IFSC was third.

In all, multinationals expanding or setting up in Ireland accounted for seven of the top ten office deals in Dublin last year.

High quality offices accounted for the majority of the up take last year, according to HWBC, while just 3% came from so-called Grade C buildings.