Dublin Office Market: Reality vs Perception

Dublins office market presents a paradox: while industry insiders report a surge in take-up, falling vacancy rates, and rising rents, independent data paints a different picture. Vacancy rates remain steady or even climb, despite new supply challenges. The Central Bank of Ireland predicts a peak vacancy of nineteen point one percent, while MSCI figures show a significant increase in central Dublins top institutional offices since the pandemic. The focus on Grade-A premium space, driven by its scarcity, is challenged by high vacancy in older, lower-grade offices, which forces rent cuts and pressures even the best properties to compete. New findings reveal that rents arent surging, with prime rates clustering around sixty euros per square foot per year, matching levels from the past decade and down about twenty percent in real terms after inflation. Demand for top offices remains soft due to remote work trends and sluggish tech hiring, leaving new builds with persistent for-rent signs and secretive deal terms. Owners of the finest spaces will eventually fill them, but only with realistic pricing and time on their side.

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