April 15th 2019
Investors have spent over €8.6 billion on offices around Ireland since the financial crash.
These figures come from the Savills Investment Report 2019.
The report states that just last year €1.48 billion was invested in Irish properties, which is up 70% on 2017.
It isn’t just Dublin seeing investment, with 24 large buildings changing hands outside of the capital.
In 2018, 345,783 square feet of office space was rented out in Dublin City. Even subtracting the huge let of Facebook’s new offices (80,826 square feet), 2018 would have been the fourth best year on record for office rentals in the city.
See our Serviced Offices Dublin.
More that 7,500 office-based jobs were created in Dublin last year and the increased demand for Serviced Offices and co-working spaces has really driven the market.
Not only is their stock available to meet the demand, but it is also very affordable by international standards. Domhnaill O’Sullivan, director of investments at Savills, had this to say;
“Net yields – which measure a property’s ability to generate rental income relative to the price that has to be paid to buy the property – remain higher in Dublin than in many other European capitals. And this is also attracting capital,” he said.
The huge market growth is unsurprising given the recent news that Dublin is a European co-working hotspot, but it is still great news!