In the past year, we’ve seen the Dublin office market prices in rent fall to the lowest they’ve been since 2016. The COVID pandemic has caused the economy to slow to a standstill, and with that, the majority of such companies are postponing their long term executive decisions due to the uncertainty the pandemic has brought about. Office rents have fallen from the high of €65 per square foot down to €59 near the end of 2020.
Even so, there have been signs of economic recovery near the end of the last quarter of 2020. This is expected to grow and continue as the vaccinations for the virus begin to become publicly accessible to the general public. The vacancy rate in the Dublin offices ended at around 9.5% due to reduced demand and office hours during the pandemic. This grey space comes into the market and accounts for nearly 25% of the available office space in the capital. These spaces are continuing to compete with traditional landlords as they offer more flexible terms of lend to their customers. There have …