Commercial Property Property News | Demand for prime office properties in Dublin expected to be high in 2012

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Demand for prime office properties in Dublin expected to be high in 2012

2/6/2012 2:05:00 PM

Lettings activity showed an increase of 25% in 2011 in Dublin, compared to 2010, causing vacancy to reduce from 23% to 21.6%, according to Savills latest office report.

The international real estate advisor predicts demand will remain strong for prime space in 2012 but overall vacancy rates may remain the same or marginally higher as some occupiers exit buildings.

The overall take up level for 2012 is forecast at around 130,000 square meters. Savills reports that demand continues to be led by a preference from occupiers for space in prime locations namely Dublin 2 and 4, which accounted for 24% and 32% of 2011 take up respectively.

The international telecoms, media and technology companies are anticipated to expand keeping market terms and conditions tight as zero development pipeline is forecast for 2012, against only 12,000 square meters of development completed across the market in 2011.

Source: Property Wire