Property firm backs Ronan’s tower plan

Dublin is well positioned to cement its position as a global technology, media and telecommunications centre, but only if it can supply the right type office space demanded by the market.

Johnny Ronan

That is according to property firm Knight Frank which made the comments as part of its support for a planning application on behalf of developer Johnny Ronan’s 22-storey Aqua Vetro tower planned for Tara Street.

Knight Frank said the increase in demand from Brexit will come from industries well beyond financial services.

Firms in technology, media and telecoms accounted for just under a third of office take-ups last year, it said.

In the submission, Knight Frank claimed: “Dublin is currently suffering from a dearth of new office space which has seen prime office rents more than double from €28 per sq ft in 2011 to stand at €60 per sq ft presently.

“While a pipeline of much needed new office space is now at various stages of being delivered in Dublin, the proposed development at Tara Street is the best- positioned building in the pipeline that will cater for the type demanded by occupiers,” it said.

The submission said “given the intense international war for talent, Dublin must offer buildings that enable occupiers to compete at a global level in attracting and retaining staff”.

A divisional manager at the IDA, Frank Conlon, told the city council the proposed development at Tara Street could help multinational companies secure the right office space they need.

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