Positive outlook for 2016 as Ireland’s office sectors show strongest take up since 2007

Prime office and retail rents in Dublin are expected to rise by about 12% this year, and by 7-8% in Cork and Limerick, as Ireland’s office sectors shows the strongest take up of office space since 2007, the height of the economic and construction boom, surveys out this week indicate.

Dublin’s prime office market saw rents rise 24% last year, to €560 per square metre, said the Society of Chartered Surveyors Ireland (SCSI), while DTZ put new Dublin prime rents at €590 psm and noted this represented a 90% rise in values since a trough in 2013.

In an outlook for 2016 and review of last year, SCSI shows the value of office development land rose by 27% last year, and will go a further 16% in ’16, while land for housing in the capital rose by 20% last year, and will go 16% higher this year.