Office take-up in Dublin predicted to rise as rents remain ‘competitive’

DUBLIN office take-up will likely hit 150,000 sq metres in 2011, with the struggling sector’s vacancy rate remaining above 20% for a third consecutive year, property consultancy Savills Ireland have said.

Office take-up in Dublin for the nine months to end-September hit 120,000 sq m, with prime locations accounting for about 60%, said Savills Ireland director of research Joan Henry.

“The outlook for the rest of 2011 remains positive in terms of occupier demand. We are forecasting that take-up will reach 150,000 sq m or better for the year and a further decline in the overall vacancy rate,” Ms Henry said. “Rents, however, are expected to remain competitive.”