The amount of office space under construction in Dublin dropped in the third quarter of this year, according to new figures by commercial real estate company Cushman & Wakefield.
409,500 sq m of office space was under construction at the end of September, the lowest level since early 2021.
The figures show that 90% of this space currently under construction is in Dublin's core business district.
37% is pre-let or reserved, meaning there is already a tenant in place to occupy it.
Of the space due to complete in the final quarter of this year, 67% is pre-let or reserved.
21,575 sq m of space was completed in the third quarter, bringing the total volume of space completed in the year to date to just over 157,500 sq m.
"Occupiers are demanding more and more sustainable buildings that match their commitments around ESG," said Aisling Tannam, Cushman & Wakefield's Director of Offices.
"This is evident in the quality of builds under construction today. We see this trend as being likely to continue," she added.
Ms Tannam said there is also rising demand for Dublin offices that are easily accessible by public transport and active travel routes.
"More than ever, occupiers are responding to their employees' needs and concerns on climate change and availing of green transport options.
"This shift in occupier demand is likely to see a rise in the availability of older poorer quality stock.
"This rise will impact Dublin’s vacancy rates at an aggregate level, meaning a detailed review of all vacancy will be essential to understanding the true vacancy in each segment of the market," she said,.
