Commercial Property

Prime office rents steady despite large increase in grey space

Savills reports an increase in shadow office space coming to the market, driven by post-pandemic changes in company working policies and negative economic factors, especially in the tech sector

The ESB’s newly built Fitzwilliam 28: the largest vacant shadow space, with 12,541 square metres available

A dramatic 75 per cent increase in the amount of shadow office space, also known as grey space, was seen in the Dublin market, according to an analysis by Savills, but it hasn’t affected prime headline rents.

As much as 120,770 square metres of shadow space – space that is currently occupied but is still being marketed for lease – was ready for immediate occupation at the end of September, accounting for a quarter of ...