STRONG TAKE-UP OF SPACE IN DUBLIN OFFICE MARKET  – Finds Knight Frank Latest Global Real Estate Markets Review 

The latest global figures for real estate, covering commercial property and the office market, have been published in Knight Frank’s Global Real Estate Markets Annual Review & Outlook 2011 research report. Highlights in relation to the Irish market are as follows:

• Despite the struggling economy in Ireland, the Dublin office market saw surprisingly strong take-up. Take-up was higher for Dublin year-on-year in 2010 than it was in 2009
• Not surprisingly, demand focused on Dublin city centre
• While overall vacancy rates remained high, the availability of large office spaces in central locations remains restricted
• In European Prime Office Yields there was no change – neither fall nor increase – for Dublin in the rankings Q4 year-on-year. Findings showed that Dublin was in the same European position in Q4 2010 as it was in Q4 2009
•  In European Prime Office Rents Dublin did see an annual change in its position from Q4 2009 to Q4 2010. Findings showed that Dublin has fallen on a par with Warsaw and a little more than Frankfurt, but less than Bucharest and Madrid
• On the global scale, Dublin rents for Q4 2010 were found to be at €376 per sq.m per annum, with Dublin dropping to 28th place in the rankings in Q4 2010 from its 24th place in Q4 2009.

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