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MEDIA AND TECHNOLOGY firms like Facebook and Yahoo were responsible for almost half of the new office space let in Dublin last year as rental rates for prime space up around 15 per cent.
Research by commercial estate agents HWBC shows that Facebook’s new office in Grand Canal Square was the largest office deal in the capital last year at with Yahoo’s new office in the Point Village coming in at number 7.
In total, tech outfits took 42 per cent of the let space in 2013, with financial services the second biggest sector at 27 per cent.
The new Deutsche Bank headquarters was the second largest Dublin office deal in 2013 with the occupancy of law firm William Fry, also at Grand Canal Square, in fourth place in the listing according to HWBC.
(Source: HWBC Office Market Annual Review)
The review also predicted that rents for prime office space in Dublin will rise by 10 per cent this year, following on from a 15 per cent increase in 2013.
“Whilst international firms have been the drivers of the recovery in the Dublin office market we anticipate more active domestic demand in 2014,” said HWBC’s Paul Scannell.
“A number of Irish professional service firms are reviewing their space requirements and with quality office space now in short supply further capital and rental appreciation are expected this year.”
The review also pointed towards a positive trend in the vacancy rate with the amount of vacant office space falling for the third year in a row and now down to 2008 levels.
The vacancy rate in the Dublin office market was 17.5 per cent in 2013, down from 18.4 per cent the previous year and from a peak of 22.75 per cent in 2010.
The positive signals have led to HWBC predicting that office construction may experience a pick-up this year with some investment expected:
“Rental levels of prime new developments are likely to reach levels high enough to justify investment in new development. You can expect cranes and building activity to become a more common sight in Dublin this year after several quiet years,” said Scannell.
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I am fupping freezing!
Time to batten down the hatches folks! Bbbrrrrrrrrrr….
It’s not exactly poodle weather, more husky-ish!
Woz in sakhalin russia. Chill temp -40degc. My driver was a subsea artic welder. Carried a long knife to cut thru the ice in case the life line broke. He had a video on his phone of him welding sub sea in artic conditions. What a man! We drove 80km over snow road in a toyota amazon no problem. Theyre 1 bunch of tough cookies in russia ill tell u. And lovely people too. I miss it a bit!
Has he got an older brother?
Those dogs are so cute
And politically correct!
Ehm, it’s winter.
Soooooo its that time of year. Get on with it!
Everyone keep warm and be safe. Count your blessings.
It’s leggings-under-school-pants type of weather. It’s like they’ve never heard of radiators. Notions.
No money to pay we’ve been drained of all our cash to pay the bond holders.
Paying them back personally boss?
Saw my first victim of the ice today. Someone got creased on the footpath right in front of me.
Ha ha
What does ;creased’ mean?
And schools INSIST on girls wearing skirts!!!! In this day and age it is absolutely unacceptable that girls are not ‘allowed’ to wear trousers to school during winter.
Match on Sunday for me. Shorts in this weather… Perfect..
Short shorts?
@David. That is not creepy at all.
The report contradicts itself. Its going to be freezing but mild ? Make your mind up please!!!
I doubt its going to snow for some reason. :/
Hi Emily! :) I don’t think it will either, as much as the kids would love it. Snow in the mountains as usual, and rain & sleet for the rest of us!
We live in Donegal. How can we avoid Donegal. Boo Hoo
The Hill of Donegal are magnificent any time of the year….just come well prepared.
Oh what a surprise, it’s December!
Meh!
Its not bitterly cold here in Kerry at all in the moment. Just had my evening walk with my ski jacket and I was bloody sweating lol very mild indeed!
Yeah if you live on high ground always a chance of a covering of snow!!”
In the Hills of Donegal. Told the other half yesterday I’m moving home for the winter. It’s to bloody cold here
Hot water bottles, low radiator, blankets and duvet on sofa and big pot of lentil soup.
Stay safe all.
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