Dublin Office Market, Q1 2026

390,000 sq. ft. of space was let in Dublin’s office market in Q1, a reasonably strong start and on par with total take-up of 406,000 sq. ft. in Q1 2025.
Preference for city centre space continues to dominate as does demand from TMT and Financial Services companies, who took 51% of total space between them in Q1.
The largest deal was for new space in Dublin 1, a trend to watch as the supply pipeline in Dublin 2 tightens.
Ireland’s strong labour market position is a key factor supporting the office market and with growth of 1.8% expected in both 2026 and 2027, employment will continue to put a solid positive floor on activity.
Total office take-up for 2026 is forecast to reach 2m – 2.3m sq. ft.
The lack of new supply remains the biggest risk to Dublin’s office market. No new office development has commenced, with the current uncertainty adding an extra layer of due diligence, slowing down decision making for the commencement of speculative development.
While the number of investment transactions that closed in Q1 was relatively subdued, there has been a significant increase in the number of larger lot sizes on the market across several sectors, in particular, offices and the living sectors.
A total of €443m transacted with one large PRS deal making up almost 50% of that spend. Total investment spend for the year as a whole is expected to be driven by a number of key large transactions.

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