2016 Skyline Survey

 

Savills Skyline Survey 2016

136 New Office Buildings Planned for Dublin over Next 5 Years

 

We’re delighted to launch our 2016 Skyline Survey, a comprehensive analysis of the Dublin Office Development Pipeline by our Offices Team.

136 new office buildings – totalling over 12 million square feet – are being planned for Dublin over the next five years, providing enough space to accommodate over 100,000 office employees. 

39 new office developments are currently under construction in Dublin – 13 of which have pre-commitment from a tenant to take space. Furthermore, 62 developments have received planning approval but are not yet on site, while 35 are in the planning stages.

The majority of office construction will take place in Dublin’s central business district (CBD) of Dublin 1, 2 and 4. Most of this development will be new builds, with refurbishments and extensions making up over 18% of the pipeline, and the replacement of existing buildings accounting for 39%.

“Between 2010 and 2014, office construction in Dublin came to a complete halt for the first time since records began – something that was almost unique to the Dublin market and not experienced in any other western capital city. Take-up however was strong and as a result, the vacancy rate tightened quickly causing rents to rise sharply. This has made office development viable again.”

“Although the numbers look quite high, the reality is that the current pipeline is constrained by available equity and debt funding – despite the demand/supply imbalance – and we are observing large scale postponement of schemes, especially those in need of pre-lets to commence on-site. As a result, there is little chance of us reaching a point of oversupply any time soon.”

Andrew Cunningham, Director, Savills Ireland

 

You can download the full survey here.

Related Services

 

Skyline Survey

 
2016 Savills Skyline Survey

Key contacts

Andrew Cunningham

Andrew Cunningham

Director, Head of Offices
Office Agency

Savills Dublin Commercial

+353 (0) 1 618 1720

 

Roland O'Connell

Roland O

Chairman
Office Agency

Savills Dublin Commercial

+353 (0) 1 618 1315

 

Conor Egan

Conor Egan

Surveyor
Office Agency

Savills Dublin Commercial

+353 (0) 1 618 1746

 

Peter Owens

Peter Owens

Surveyor
Offices Agency

Savills Dublin Commercial

+353 (0) 1 618 1466

 

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