Dublin has experienced the fastest growth in net effective rents among 21 European office markets over the last year, according to new research by property consultants Savills.

Effective rents in Dublin have increased by 39.3% in the last 12 months, compared with an average of 5.1% across Europe.

Savills says net effective rents comprise two elements of "headline" rents and rent-free periods, which have moved in opposite directions over the last year.

It is this combination of rising headline rents and falling rent-free concessions that has led to the sharp upturn in net effective rents.