Dublin Office Market Overview Q1 2023

Q1 Highlights

• Despite a slowdown in the technology sector, the outlook for the Dublin employment market remains positive. The national unemployment rate was just 4.3% at the end of Q1
• Dublin office take-up totalled 26,437 sq. m in Q1, down 42% versus Q1 2022, and 54% below the 10-year Q1 average of 57,000 sq. m. 
• The largest deal of the quarter was signed by data analytics SaaS provider ‘Datadog’, who agreed an 8-year sub-lease for 4,067 sq. m. at One & Two Dockland Central
• Assignment and sub-lease deals accounted for over 40% of all take-up in Q1, the largest quarterly proportion on record
• The vacancy rate across all stock in the Dublin market is now 13%, while the vacancy rate for grade A stock is marginally lower, at approximately 11%  
• CBRE Ireland have conducted an extensive study on the supply of ‘Grade A+’ offices in Dublin. The findings of which show the dearth of sustainable offices in the city at present
• Office investment volumes were lower in Q1, totalling €93m, while prime yields continued to soften, now standing at 4.50%