Dublin Office Market, Q2 2025

Knight Frank forecast that prime rents will reach €67.50 psf by year end and €70 psf by 2027, if not before.

Almost 1.1m sq ft of office space was let in the first half of the year, (659,078 signed in Q2 sq ft). Workday’s decision to take 416,161 sq ft at College Square, was a landmark deal for the market and dominates the analysis this quarter.
There is 1m sq ft reserved at the start of Q3, almost 60% of which is in the city centre.
Currently, the office market faces a two-year window where no new available space will be delivered, which will be a key factor driving down vacancy rates and putting upward pressure on rents.
Knight Frank hold the view from Q1, that total demand for office space will reach the 2m-2.2m sq ft range by year-end.
Office investment spend reached €179.7m in Q2 taking the total to €267.1m for the first half of the year, more than double the €106.8m that transacted during the same period last year.
Two prime office assets with sustainable credentials traded in Q2 (20 Kildare Street and 10 Hanover Quay, both in Dublin 2). They were both sold on behalf of Kennedy Wilson via open market sales processes. The successful completion of both of these transactions demonstrates improving liquidity from core buyers, for larger assets (€50m plus).
Prime office yields are currently 5% and will be tested at this level over the coming quarters.

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