Dublin Office Market, Q1 2025

Total office market take-up in Q1 was 406,160 sq ft. High profile occupiers in the Professional Services, Finance and TMT sectors were particularly active with EY, Blackrock Asset Management and Fenergo completing three of the top five deals.
Occupier preference for space in city centre locations continues, with 79% of take-up in Q1 in buildings in Dublin 1, 2 and 4 combined. Within this, a clear preference for space in Dublin 2 is becoming increasingly evident.
2025 is set to be the last year that Dublin’s office market development pipeline will deliver space of any considerable volume.
Two thirds of all the space currently under construction and due to complete in 2025 and 2026, is already pre-let. This factor will add to upward pressure on prime rents towards the end of the year and into 2026.
The overall market vacancy rate declined from 15.3% to 15.1% over the first three months of the year. This total vacancy rate remains increasingly mis-leading against the movement in other key factors driving demand.
Knight Frank forecast that the vacancy rate for the best space in Dublin 2 will fall to close to 7% by
the end of the year and more sharply again in 2026.
The outcome for total office letting activity for 2025 as a whole is somewhat dependent on the impact that Trump’s tariff policies, once clarified, may have. Total take-up for the year is forecast to be between 2m – 2.2m sq ft.

Joan Henry, Chief Economist & Director of Research, Knight Frank Ireland