Dublin Office Market, Q3 2025

Q3 take-up reached 792,000 sq ft, bringing the total year to date to 1.9m sq ft.
Total take-up for 2025 is forecast to reach between 2.3m and 2.5m sq ft.
65% of space currently under construction and due to complete by 2027 is already pre-let.
The overall market vacancy rate has fallen to 13.9%, with the underlying rate for space with ESG credentials considerably lower.
Combined, these factors indicate that Dublin’s office modern is facing a supply crisis by the end of 2027.
Prime rents are edging upwards and will increase at a faster pace over the coming months, with €72.50-€75.00 psf expected by the end of 2026.
€247m was invested in office assets in Q3 2025, taking the total to €514m for the year to date, 32% of total investment and stronger than total office investment activity in both 2023 and 2024.
European investors have acquired the majority of office assets, with the French funds particularly active.
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