Strong Q1 for Dublin office market ahead of COVID-19 uncertainty
Almost 100,000 square meters (1.08 million square feet) of office leasing transactions were signed in the Dublin market during first quarter 2020, according to CBRE.
While down approximately 7 percent on the record volume of transactional activity recorded in first quarter 2019, the volume of leasing activity achieved in the first quarter is actually 50 percent higher than the five-year average for first-quarter office take-up in the Irish capital.
Indeed, boosted by a number of large lettings that signed in the first three months of the year, first quarter 2020 saw the second-highest volume of first-quarter take-up in a decade being achieved in the capital following the previous year’s record first-quarter performance. There was more than 88,000 square meters (947,000 square feet) of office accommodation reserved at the end of the quarter, which CBRE said should provide somewhat of a cushion in second quarter, when COVID-19 uncertainty is expected to make its presen