Almost €8.6 billion has been invested in Irish office property over the past six years, according to a report from Savills.
It said that low interest rates and a rapid growth in services-based employment has driven demand for office space in Ireland, particularly in Dublin.
The report found that more than 1.4 million square meters of Dublin office space has traded hands since 2013, representing almost 40% of all offices in the city.
"By any international comparison Ireland’s rate of job creation has been exceptional in recent years, and 30% of all the jobs created last year were Dublin office-based positions," said Savills’ director of research John McCartney. "This has generated enormous demand for office space in the capital and, although new buildings are emerging, supply has been unable to keep pace.
"As a result the vacancy rate has been pushed to a 20 year low. Inevitably this underpins rents and values."
The report notes that Brexit and US-China trade tensions could impact global growth, however Mr McCartney still expects demand for offices in Ireland to remain strong.
"With a global shift from goods to services, Dublin’s position on the western edge of Europe is no longer a barrier to trade. Increasingly this, and other factors such as favourable demographics and the widespread use of English are attracting space-consuming technology companies to the city."