Post-Recession Peak for Dublin Office Space
The Times has reported on research from property consultants CBRE, Savills and Murphy Mulhall that there has been a rise in the requirement for office space across the Irish capital, with take-up almost reaching pre-recession levels.
Savills has reported that during the first 9 months of the year 120,000 sq m of office space has been leased in Dublin, with this total expected to rise by 30,000 sq m before the end of the year.
CBRE complemented this research reporting a 28% increase in office take-up during Q3 2011, in comparison with the same period last year.
Recent multinational tenants, including Twitter and BskyB have enhanced DublinΓÇÖs statistics, with The Times suggesting IrelandΓÇÖs 12.5% corporation tax provides an attractive benefit.
Twitter has joined other major web companies including Facebook and Google setting up headquarters in the Irish capital, which is gaining a growing reputation as EuropeΓÇÖs premier destination for web and social media companies.
ItΓÇÖs not only international businesses taking advantage of the space in Dublin, companies already established in the city are exploiting the fallen rental levels and upgrading their office space.
Whilst a rise in businesses taking premium space in Dublin is positive for IrelandΓÇÖs office market, this could result in older office stock becoming redundant.
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