A Different Kind of Property Crash Hits Dublin as Big Tech Cuts
- Values in one neighborhood are down 40-50% from their peak
- A number of properties have fallen into receivership
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Office landlords, battered by a global crash, have been clinging to the hope that new buildings with strong green credentials will still demand top rents and prices. Dublin is emerging as a cautionary tale that such optimism may not hold up.
In the city’s North Docks district, new buildings are falling into bankruptcy protection after US tech firms scaled back the amount of new space they leased and borrowing costs rose.