Almost 40% of the Dublin’s entire office stock has changed hands over the last six years that’s presented by New Savills Ireland research showing that over 1.4 million square meters of Dublin office space have traded.
Savills’ Director of Research John McCartney says foreign companies are attracted to Dublin adding that almost €8.6bn has been spent on Irish office property since the start of 2013.
“With a global shift from goods to services, Dublin’s position on the western edge of Europe is no longer a barrier to trade,” said Mr. McCartney.
“Increasingly this, and other factors such as favorable demographics and the widespread use of English are attracting space-consuming technology companies to the city.”
Mr. McCartney added: “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.
“This has generated enormous demand for Irish office property 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.”