Dublin office vacancies hit 10-year high at 16%

Office buildings were left unoccupied in 2023 as hybrid working continued to impact demand, but it is sustainability that will drive wider trends in the commercial property market, according to Lisney.

The vacancy rate across Dublin’s offices was 16 per cent at the end of 2023, the highest level since 2013 and investment activity was muted as occupiers adjust their space expectations.

However, the firm said the number of staff returning to offices is growing and with no new buildings due in 2026 or beyond and current supply not meeting sustainability requirements there could be issues.