Dublin Office Market, October 2026

544,000 sq ft was let in Q3 2026, bringing total take-up for the year to date to almost 1.5m sq ft.
30% of total office lettings this year has been taken by companies in the TMT sector, with Q3 activity particularly strong.
Activity in the Professional Services sector was also strong in Q3, comprising 17% of total take-up. Financial Services companies took 10% of total space let in Q3 and have taken 19% so far this year.
The overall market vacancy rate declined further in Q3 to 12.7%. Knight Frank expects the overall market vacancy rate to continue to trend lower by year end and decline more rapidly in 2027.
With 72% of all new space, either delivered to date in 2026 or due to complete by 2027, already pre-let, making the case for new office development even more compelling.
Prime rents remain steady, ranging €65-€67.50 psf. Knight Frank continues to forecast that rental growth will accelerate, with €70 psf expected in 2026, and up to €75 psf for pre-lets.
While there were only two office transactions in Q3, they made up 27% of quarterly spend (€674m). BNY Mellon’s purchase of the Shipping Office for €160m was the second largest transaction and the largest office transaction since 2022.

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