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Surplus office space in Dublin on the rise due to tech job cuts and remote working

So-called grey space, surplus office accommodation that is sub-let, currently accounts for about 32 per cent of all available suppl, according to estate agent Lisney

Twitter’s Dublin offices: Big tech accounted for between one-third and half of activity in the office property market in recent years, with hiring ambitions to match, Lisney said in a report. Picture: Getty

Spare office space is rising in Dublin as some of the world’s biggest technology firms contend with post-pandemic working practices and global industry uncertainty.

So-called ‘grey space,’ — surplus office accommodation that is sub-let — currently accounts for about 32 per cent of all available supply and is set to increase further, according to Lisney, the estate agent. The overall vacancy rate in Dublin now stands at around 13 per cent.

The trend follows a wave of job cuts from large tech companies such as Twitter and Salesforce, which have a large presence in the capital. Meta Platforms last month decided not to occupy part of its recently completed European headquarters at Fibonacci Square in Ballsbridge. Last week, Saleforce, which employs over 2,000 people in Ireland, announced plans to cut staff numbers globally by 10 per cent.