Dublin office leasing activity continued to rebound in the final three months of last year, with take-up in the final quarter reaching nearly 50,891 sq m.
This brought full-year take-up to over 209,000 sq m, representing an increase of around 66% versus the full-year activity in 2023.
However, the figures from CBRE Ireland show that total take up is 12% below the long-term average for the market.
The largest leasing deal in the final quarter was at 1 Adelaide Road where accounting firm Deloitte agreed a long-term lease for 14,400 sq m for their new Irish HQ.
This transaction accounted for 28% of the quarterly take-up.
Another notable deal this quarter saw Wells Fargo taking 2,380 sq m at the newly completed Coopers Cross in the north Docklands.
CBRE Ireland said over the next 12 months, 62,000 sq m of Dublin office stock is due to reach practical completion, the lowest level since 2015 with nearly 60% of this already pre-let.
“Given the trajectory of take-up, combined with the lower level of completions, this will result in the vacancy rate now starting to decline from its current level,” the report states.
Colin Richardson, Head of Research at CBRE Ireland said occupier sentiment has improved significantly.
“Despite continued ‘rightsizing’ in the office sector, ‘generational moves’ by EY, Stripe, Deloitte and Workday (which should close in H1 2025) into new HQ space in Dublin have shifted sentiment drastically over the last nine months,” he said.
“Vacancy has now peaked and will start to decline this year, as office construction completions slow,” he added.
