Leading commercial real estate agent, Knight Frank, has estimated that the office vacancy rate in Dublin stands at 14.3%.
That's up from 13.4% at the end of the previous quarter.
"This increase reflects a particular complexity in the market at present whereby an increase in grey market space and a peak in the delivery of new space are creating a one-off spike in the amount of space available, particularly in the city centre market," Knight Frank said.
"When buildings with no sustainability credentials or lower BERs are excluded, the vacancy rate reduces considerably."
The agent said that 327,058 sq ft of office space was let in the Dublin market between July and September.
That brings the total so far this year to 1.014m sq ft.
The market continues to be dominated by small deals, it said in its third quarter report.
No deals were larger than 50,000 sq ft and only five were in excess of 20,000 sq ft.
"Smaller deal sizes continue to be a key trend in 2023 as occupiers take a more considered approach to re-location requirements, amenities and ESG priorities", Jim O’Reilly, Director, Offices at Knight Frank Ireland.
Take-up in the city centre amounted to 66% of the total, with Dublin 2 representing just over half of that.
A third of the lettings though were outside the city centre in suburban areas.
The largest was the purchase of 3007 Lake Drive, Citywest Business Campus in the West Suburbs by Sisk/Capwell.
Prime headline rents reached €62.50-65.00.
The company has predicted that the second half of the year will be quieter in terms of new deals than the first as interest rates remain higher.
Overall it expects that total take-up for the year will be between 1.3m – 1.5m sq ft.
