Dublin and Cork office market seeing growing vacancy rates 

In both Dublin and Cork there has been growing levels of vacancy due to “grey space” - an area in the office that is surplus to the tenants requirements.

In Dublin, an estimated 120,000 sqm of office space was taken-up during 2023, less than half the previous 10-year annual average of 243,000 sqm.

The office markets in Dublin and Cork are seeing growing vacancy rates and “significantly lower levels” of take up than the longer-term average as work-from-home practices and adjustments in the tech sector continue to make an impact.

In its latest outlook report, the estate agency Linsey Sotheby’s said that trends seen over the last 12 months in the sector are likely to continue into 2024.