Dublin office market back in action with major firms seeking tenancy
Yahoo, LinkedIn and eBay are just some of a large number of corporate firms looking to stay or find new commercial office space in Ireland, according to a report by the Irish Times.
The office space market in many parts of Ireland suffered heavily during the recession, but recent reports suggest that there is a return in demand – specifically in the capital city of Dublin – which is being driven by clients taking advantage of break options to secure better value.
Vacant office space in Dublin is reportedly at its highest for several years. But with rents reaching new lows and providers still offering a range of incentives, such as flexible terms and office fit-outs, the market is beginning to fight back as the country edges out of recession.
James Nugent of Lisney claims that demand is high for newly built Grade A offices, and that ‘third generation’ properties in prime locations are seeing an increase in rental values. Roland O’Connell of Savills believes it could be some time before rents start rising again, but both he and CBRE’s Willie Dowling believes that prime rents have finally bottomed out.
eBay is reportedly relying on a break clause to reduce its rents for their offices in Blanchardstown, while search giant Yahoo are said to be reviewing their office requirements at their base in Eastpoint.
Business social networking company LinkedIn are also reportedly searching for city centre office space in Dublin.