Dublin office lettings almost treble in second quarter

A total of 18,630m2 of office lettings were signed in Dublin during the second quarter of the year

The number of office lettings signed in Dublin during the second quarter of the year almost trebled compared to the previous quarter, according to commercial property specialists CBRE Ireland.

33 transactions were signed in the second quarter, compared to just 13 in the first quarter.

However, the data shows that deals signed are well below pre-pandemic levels, as businesses reassess their office requirements.

A total of 18,630m2 of office lettings were signed in Dublin during the second quarter of the year, bringing the total take-up in the first half of 2021 to 22,382m2.

Marie Hunt, Head of Research at CBRE Ireland said the gradual easing of lockdown measures in recent weeks has been the catalyst for renewed activity in the commercial property market.

"This is something that is in evidence in the office sector with further strengthening in occupier demand quarter-on-quarter," she said.

Ms Hunt said that demand is running at close to 300,000 square metres - up almost one third in the last six months alone.

"The reality is that until such time as the majority of office workers are back in their offices, occupiers will not be in a position to gauge the extent to which hybrid working will impact their real estate requirements going forward.

"In addition, many occupiers are not in a position to travel to inspect buildings in the current environment," she said.