- Occupier activity in 2024 came in at the upper end of the Knight Frank forecast range for the year as a whole, with just under 2.2m sq ft taken up.
- The profile of occupiers that took office space continues to reflect the sectors with the strongest employment growth with Professional Services in particular accounting for 22% of all the space taken in the Dublin market in 2024.
- Knight Frank expect demand to remain strong in 2025, driven by some large requirements. Almost 1.2m sq ft of space is reserved at the start of Q1, giving a strong opening position.
- Upward movement in prime rents will become evident from the middle 2025.
- Pre-let’s are expected to become a feature of the market by the end of the year, given the very tight development pipeline post 2026.
- Q4 brought a relatively strong end to the year for office investment activity.
- 2025 is expected to see an increase in the number of larger lot sizes coming to the market.
- Prime office yields remain steady at 5%-5.25%. Depending on stock that comes to the market, or that is available off market, this yield level is expected to be tested further over the coming quarters.
For a full copy of this report, please contact
Joan.Henry@ie.knightfrank.com
or Robert.OConnor@ie.knightfrank.com