2021 proved a fascinating period for the Dublin office market, experiencing both positive and negative movements. To begin with the positives, the final quarter of 2021 saw the Dublin office market continue to build on a real change in direction which became evident as we moved through the summer and autumn months of the year. This is best displayed by the rise in signed space.
In the closing three months of the year, over 61,000 sq m of office space was signed, either under construction or readily available. This figure rises further to 88,300 sq m when you include KPMG’s deal at Harcourt Street, which is yet to commence construction. This is in stark contrast to the opening quarter of the year, when just 2,185 sq m was signed. Outside of signed leases, a further 48,050 sq m was reserved in the quarter. The total volume of signed and reserved space in the market now sits at its highest levels since Q1 2020.