Commercial Property

Analysis: Dublin office space completion rates soaring, but it’s not good news for stakeholders

Figures to be released today will show more office completions in Dublin in the first quarter of 2024, than in all of 2023

The combination of strong supply and weak demand propelled office vacancy in Dublin from 13.1per cent in December to 14.5 per cent in March. Photo: Eamonn Farrell

Usually the announcement of completed property development is hailed as good news for the stakeholders - a sign of progress, growth and confidence.

But figures due to be released today showing more office completions in Dublin in the first quarter of this year than all of 2023, are anything but positive.

The report, by BNP Paribas Real Estate Ireland, showed almost 84,000sqm of office space development was completed in the capital from January to April ...