Commercial Property

78,000 extra jobs needed to fill oversupply of Dublin office space by 2025

New analysis from BNP Paribas shows that vacancy rates in the commercial property market will get worse before getting better

ICT firms accounted for over 50 per cent of take-up between 2019 and 2021, which declined to to 21.4 per cent in 2023. Picture: Fergal Phillips

The Dublin office market is destined to be oversupplied with a 250,000 sq m of office space by next year, with 78,000 extra jobs required to fill the empty space, a new analysis by BNP Paribas Real Estate Ireland has said.

The vacancy rate in Dublin’s office market is likely to peak in 2025, the report found, while the ongoing “downswing” is expected to bottom out at the end of 2026 or early 2027, with ...