Dublin’s office market maintained solid occupier demand in the first quarter of the year, with total take-up reaching 409,000 square feet across 44 deals. That figure is slightly below the same period last year, but activity levels remained broadly consistent.
Nearly 947,000 square feet of office space is now reserved across the city, with about half of that concentrated in Dublin 2, reinforcing continued demand for central locations, according to BisNow.
Prime rents continue to move higher
Headline rents in active negotiations are now moving above €65 per square foot, with expectations pointing toward €70 per square foot. Market analysis indicates that rents of at least €75 per square foot would be required to support new office development at current cost levels.
Investment activity shows selective capital deployment
Office investment volumes reached €113 million across 10 transactions in the quarter, up from €87.4 million a year earlier.
Capital is becoming more selective, with investors increasingly targeting assets offering re-letting potential, refurbishment upside, or shorter income profiles. The repricing of secondary and value-add office stock has created more entry points for buyers focused on repositioning strategies.
The largest transaction was the €23.25 million sale of The Hive in Sandyford to Ardvest, marking the biggest suburban office deal in the area since 2023. In Dublin 4, the €18 million sale of No. 2 Ballsbridge Park highlighted continued investor interest in redevelopment opportunities.
Market positioning
Even with economic and geopolitical uncertainty, Dublin’s office sector continues to show stable leasing activity, sustained demand for central space, and steady investor activity concentrated around repositioning and core central business district assets.
