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SOME 136 NEW office buildings are being planned for Dublin over the next five years, according to a new report by property consultants Savills Ireland.
The buildings will total over 12 million square feet and be enough space to accommodate over 100,000 employees.
While Savills acknowledges that not all planned developments will proceed, it says that even if half advance to completion, which is likely, “Dublin will have enough office accommodation to reap any potential benefit of the UK’s decision to leave the EU.”
All images: Savills Ireland
Savills’ Skyline Survey notes that 39 new office developments are currently under construction in the capital – 13 of which have pre-commitment from a tenant to take space. A further 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 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%.
One particular location undergoing concentrated office development is Molesworth St in the city centre, where four office developments totalling 253,000 square feet will be completed next year.
Brexit impact
Andrew Cunningham, Director of Offices at Savills, said: “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.
In terms of Brexit, Cunningham noted: “If any UK-based companies decide to move operations to Dublin on foot of Brexit – and we believe they will – it will not happen immediately.
“A gradual migration, spread out over number of years up to the final Brexit date, is far more likely, by which time supply should be able to cope with demand.”
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Shane on every Irish MEP who voted down these amendments, I’d wager all of their salaries none of them can adequately explain what they were voting on, the possible consequences of the vote or even why they voted how they did
*Shame
I doubt half of them even read the whole bill.
How can we find out who voted and what way they voted?
…they didn’t read it cos Fidelma forgot the Whiffy code. again….
After she was R/Fraped on Facebook
As long as I can still see the sexy ladies tis grand!!
Laying the groundwork for TTIP…
You certainly hit the nail on the head with that one.
The US just signed the Cisa Cybersecurity bill yesterday …27 October
Cisa would “allow ‘voluntary’ sharing of heretofore private information with the government, allowing secret and ad hoc privacy intrusions in place of meaningful consideration of the privacy concerns of all Americans,” the professors wrote.
The data in question would come from private industry, which mines everything from credit card statements to prescription drug purchase records to target advertising and tweak product lines. Indeed, much of it is detailed financial and health information the government has never had access to in any form. The bill’s proponents said the data would be “anonymized”.
http://www.theguardian.com/world/2015/oct/27/cisa-cybersecurity-bill-senate-vote
I think we’ll all end up partying like it’s 1984 sooner than anyone could imagine.
Sounds like the Eurocrats really thought this one through….not
The internet was bad enough with a small number of companies buying up everything in site but its rightly f##cked now. This only favours big business. Just a few fig leaves thrown in to make it seem reasonable.
Amazing the admission from MEPs that they voted for full package as they were so keen to get the, voter popular, roaming free charges in place. Incredibly short sighted, as for the comment from KevJ that it would be amazing if “half of them read the bill” – not a hope in hell. From experience the number of those MEP who read the bill would be somewhere in the region of a dozen or so.
Most of the MEPs would have been handed a sheet from their EP political groups. On the sheet is the title of the legislation being voted on then a series of numbers (indicating the amendment) and ‘guidance’ from the parties on whether to Yes, No or Abstain.
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