Activity in the Dublin office market continued to grow in the second quarter of this year, according to new analysis by property consultants CBRE.
Over 46,000m² of transactions were completed in the three-month period, across 56 deals.
This brought the first half take-up to almost 92,000m².
The biggest office leasing deal of the year was completed in June with US software company ServiceNow at 60 Dawson Street in Dublin 2.
According to CBRE, market sentiment among Dublin occupiers remains broadly positive.
The report shows that more than 118,500m² of Dublin office accommodation was reserved at the end of the second quarter.
Prime office rents in Dublin increased to €673 per square metre (€62.50 per sq ft) during the second quarter, with further growth anticipated in the second half of the year.
"We are starting to see a return to pre-pandemic trends in the Dublin office leasing market and competition for prime, modern, ESG friendly space is driving rental growth, with a number of deals completing this quarter at rent levels that have solidified this view," said Colin Richardson, Associate Director of CBRE Ireland and author of the report.
"The analysis in our report touches on the supply/demand dynamic in the Dublin city market and illustrates that it remains broadly balanced at this juncture with much of the new stock to be delivered to the market this year already pre-let," he added.
The report shows that the overall vacancy rate in the Dublin office market remained stable quarter-on-quarter and now stands at 8.3%, up marginally from 8.2% in the first quarter of the year.
