Our second annual edition of the Ireland Office Market Report revealed the record breaking take-up, exceeding the 5.5m sq ft mark for the first time. In addition to the overall record breaking activity, take-up in the Dublin city centre, Belfast and Cork markets each surpassed previous highs.
It was the so-called FAANGs (Facebook, Apple, Amazon, Netflix, Google) which grabbed the headlines. Some of these tech giants demonstrated their commitment to Ireland and ambitions for growth in 2018. Facebook announced their plans for their new EMEA headquarters at Ballsbridge, the largest deal in Irish history. Google purchased Bolands Quay and opened new locations in the Sandyford tech cluster, and Apple completed their Hollyhill campus expansion in Cork.
The revolution of serviced office operators and how occupiers consume office space also continued, with an eight-fold increase in two years. WeWork were the driving force behind the meteoric rise in Dublin city centre during 2018, while in Belfast there was growth in local and boutique operators.
Given that political uncertainty characterised 2018, the markets have shown negligible impact, instead breaking records. The strong demand was fuelled by significant delivery of new and refurbished office stock, particularly in Dublin’s Central Business District.
In keeping with the buoyant theme, office investment activity reached €1.4bn in 2018, almost double that of the previous year. This strong performance was a combination of the strength of the occupier market, healthy development of new stock, institutional activity and the occurrence of €100m+ deals.
To view the latest report, click here.
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