Commercial Property

BNP Paribas Ireland forecasts Dublin office market on back foot until 2027

Office market will get worse before it gets better, according to report, with peak vacancy forecast for 2025

Before Covid every new desk job generated around 10 square metres of office demand, but that figure has dropped to just 3.2 square metres

Dublin’s office market will get worse before it gets better and is likely to be under pressure until the end of 2026 or early 2027, according to a new report.

BNP Paribas Real Estate Ireland pointed to delayed building completions from 2023 which are now spilling into 2024, boosting supply by more than the market can digest, and propelling vacancy upwards towards a projected peak of 16.6 per cent in 2025.

“While this does not ...