Strong supply leads to a surge in office vacancy levels

Almost 84,000 sq m of office space completed in Dublin in the first quarter, more than in the whole of 2023.

Tenants leased just 16,310 sq m of purpose-built offices in the capital in the first quarter, the lowest amount in three years. Picture: Maxpix

A surge in new office development completions in Dublin in the first quarter has led to a jump in office vacancy rates.

A report by BNP Paribas Real Estate Ireland confirms that the predicted surge in Dublin office space materialised, with almost 84,000 sq m completed to the end of March. This was more than in the whole of 2023. In the same period, tenants leased just 16,310 sq m of purpose-built offices — the lowest amount in three years.