Dublin Office Space Take-Up Drops 42% in Sign of Further Stress
- Vacancies in the Irish capital city rose to 13%, CBRE says
- Data adds to growing signs of stress in commercial real estate
Office and apartment buildings on the Grand Canal in the 'Silicon Docks' area in central Dublin, Ireland.
Photographer: Paulo Nunes dos Santos/BloombergThis article is for subscribers only.
The take-up of office space in Dublin in the first quarter dropped by 42% from a year earlier, a report by CBRE showed, compounding signs of a slowdown in Ireland’s commercial real estate.
Vacancies rose to 13%, up from about 8% in the same period last year, following the delivery of newly constructed space. Meanwhile, assignment and sub-lease deals accounted for just over 40% of all take-up in the first three months, the largest quarterly proportion on record, CBRE said.