Explosion in Office Space Continues in Dublin
At the end of 2015, approximately 200,000 sq ft of office space was under construction in Dublin – most of which was located in the centre. There were also a number of high profile planning applications for spaces in excess of 100,000sq ft, including 27-32 Upper Baggot Street and ESB Fitzwilliam Street. This trend has continued into 2016, and we continue to see significant increases in the number of planning applications and further development commencing, some with a delivery date of end 2017. According to the SCSI annual report there was a 24.1% year on year increase in prime office rents in Dublin in 2015 which reflects the continued demand for city centre locations from new and existing investors, particularly from technology based companies. Positively, respondents also noted an increase in investment activity and a rise in the number of firms that are located in suburban areas in 2015, enticed by lower rental prices and newly renovated facilities.
Currently, there are a number of large FDI occupiers looking to establish their headquarters in pre-eminent locations such as Dublin City Centre and Sandymount where companies such as Microsoft, MSD, SSE, Salesforce, ICON, Merrill Lynch, RSCI, AIB and Fannin Healthcare all have their headquarters making it a desirable location for other multi-nationals to set up shop.
A significant amount of refurbishment projects are also in the pipeline and planned throughout the county. This increased level of refurbishment in prime and non-prime space in core locations will serve to help the market deal with shorter-term supply issues. We have had the pleasure to work on such projects in the past year. These have included prime locations such as St. Stephens Green in Dublin`s Central Business District, Scotch House, 6 – 7 Burgh Quay(currently pending planning), 104 Baggot Street Lower, Dublin 2 and now yet another office development at Central Hotel Chambers on Dame Court just of Exchequer Street. 3D Design Bureau were instructed to produce a number of photorealistic interior CGIs of a typical floor plate with the existing building. The 3D artists were given a significant amount of artistic license on this which was great for flexing their creative muscle.
It’s fantastic to see the construction and business cycles on an upswing again in the country. Savills expects approximately 1.26m square metres of new office completions in Dublin between now and 2021. This equates to around 34 per cent of the existing office stock. Let’s hope we get it right this time!
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