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Highest Q1 take-up recorded in the Dublin Market
According to the CBRE Dublin Office Market View Q1 2019, take-up of office space in Dublin in Q1 2019 was the highest on record at over 1.1m square feet, up 28% for the similar period in 2018. Whilst take-up was at record levels, the prime rent rate of €65 per square foot was maintained, with prime office yields at 4%.
One of the most interesting points in the report was that 27% of office take-up in Dublin in Q1 2019 occurred in the suburbs, with 78% of suburban take-up occurring in the south suburbs district. For the south suburbs the prime headline office rent of €28.50 per square foot may be one of many drivers for the level of activity in the area, this, coupled with strong transport links and the availability of space, may see this area grow further for the remainder of 2019.
The value of office investment transactions (extending to more than €1 million) completed in the Irish Market during Q1 2019 was more than €322 million, accounting for 47% of investment activity in the Irish market in the quarter.
This report was published within days of Green REIT’s decision to sell its entire business or its portfolio of assets, amid a view that the value of its assets compared to its share prices was out of sync. Further positive reports on the Dublin market along with the continued share price increase since the decision may vindicate the Green REIT Board’s decision.
Source: CBRE Ireland Dublin Office MarketView, Q1 2019, April 2019
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