136 New Office Buildings to be Built in Dublin
136 new office buildings, totaling more than 12 million square feet, are planned to be built in Dublin over the next five years, according to Savills’ 2016 Skyline Survey. The developments, intended to provide working space for more than 100,000 employees, are largely centered in Dublin’s central business district, with the majority of the developments in Dublin 2. The report says that 39 of the developments are already under construction, though the largest increase in office space is expected in 2019, though Savills warns that delays are commonplace.
The report also predicts that the expected withdrawal of the United kingdom from the European Union is likely to increase the demand of office space in Dublin as some businesses may move from the United Kingdom to Ireland.
“Between 2010 and 2014, office construction in Dublin came to a complete halt for the first time since records began – something that was almost unique to the Dublin market and not experienced in any other western capital city,” Savills Ireland Director Andrew Cunningham said, “take-up however was strong and as a result, the vacancy rate tightened quickly causing rents to rise sharply. This has made office development viable again.”
Savills is a real estate services provider based in London.
