Construction BUSINESS

Commercial property consultants, CBRE Ireland has released statistics on the volume of office lettings signed in Dublin during the first half of 2017, showing that more than 150,000 square metres of office lettings were signed in the capital during the first six months of 2017.

There were 81 office lettings signed in the second quarter of the year alone, more than double the number signed in the first three months of the year.  The largest lettings signed in the last three month period include the letting of 17,489m2 at The Beckett building in Dublin 3 and the letting of 14,083m2 at Block H, Central Park in the south suburbs.

CBRE say to have more than 150,000 square metres let at the mid-year point is an exceptional performance, considering it is almost 75% higher than the annual average take-up at the mid-year point for the previous five years and 68% higher than H1 take-up in 2016.

Prime rents in Dublin are currently in the order of €673 per square metre or €62.50 per square foot.

Director in the offices team at CBRE, Alan Moran said, “Coming on the back of strong FDI numbers announced earlier this week by IDA Ireland, the first half of 2017 has been a particularly active one in the Dublin office market, with evidence of strong demand and healthy levels of take-up being recorded. This has included a number of significant lettings in buildings that are still under construction, demonstrating that occupiers are more comfortable committing to schemes when there is clear visibility on delivery.”