€8.6bn spent on Irish office property since 2013

The IFSC in Dublin.

Almost €8.6bn has been spent on Irish office property since the start of 2013.

New Savills Ireland research shows over 1.4 million square metres of Dublin office space has traded.

This means almost 40% of the city's entire office stock has changed hands over the last six years.

Savills' Director of Research John McCartney says foreign companies are attracted to Dublin.

"With a global shift from goods to services, Dublin’s position on the western edge of Europe is no longer a barrier to trade," said Mr McCartney.

"Increasingly this, and other factors such as favourable demographics and the widespread use of English are attracting space-consuming technology companies to the city."

Mr McCartney added: "By any international comparison Ireland’s rate of job creation has been exceptional in recent years, and 30% of all the jobs created last year were Dublin office-based positions.

"This has generated enormous demand for office space in the capital and, although new buildings are emerging, supply has been unable to keep pace.

"As a result the vacancy rate has been pushed to a 20 year low. Inevitably this underpins rents and values."

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