Dublin office market to remain under a cloud for the next three years

Revival of tech firms could see a reversal

'It is going to take longer than before for the market to digest the vacancy overhang.'

The demand for office space in the capital will remain under a cloud for the next three years, with the market "getting worse before it gets better", and the vacancy rate rising to 16.6%, according to a report by property firm BNP Paribas Real Estate Ireland. 

Supply of office developments has been boosted by delayed delivery of projects now arriving this year, while demand has been reined in because of high levels of remote or hybrid working by office workers in Dublin, according to the report.