Market Matters Spring 2024

Welcome to Market Matters Spring 2024 – Our unique insights into the Dublin Office & Investment Market.

2024 is well underway and understanding the Dublin Office and Investment market fluctuations has never been more crucial for investors, tenants, and stakeholders.

Here’s a snapshot of what has been happening:

Dublin Office Market:

“With “Big Tech” effectively now gone from the pre-letting scene, the reality (for the next while at least) is that it is going to take longer to fill up floors in some of the new and not so new office buildings around Dublin.


“Best in Class” spec located within the CBD is the most sought after by those larger occupiers currently active”

James Mulhall

  • It’s slow…. but picking up: February/March has seen an increase in viewings/requirements/deals agreed.
  • SME dominance continues: Most activity is from the 0-10,000 sq.ft. size range.
  • Battle for “Best in Class” (BIC): New ‘Landlord Controlled’ BIC stock faces challenges due to reduced demand and a new competitor – ‘Tenant Controlled’ BIC offerings.
  • Postcode Power : Prime is Prime & Fringe is back to being…..Fringe. Occupiers once again looking at the merits of being in one postcode versus another.
  • Rents: Headline Rents holding (especially BIC) but lesser quality spec & non-CBD locations starting to feel the pinch. Rent Free/Incentives increasing but only marginally.
  • Patience: It’s taking longer to lease up buildings/space. Those holding debt situations on offices are more alert than in previous cycles.

Investment Overview:

“Ireland remains a highly regarded, secure and stable market and remains an attractive destination for international investors.”

Robert Murphy

  • Sub €10m Most Active: Transactions in this lot size represented 77% of all deals last year .
  • Fortune Favours Dublin: Dublin remains the focus for majority of investment. Accounting for 79% of investment by location last year.
  • Waiting Game: Investor sentiment remains cautious. Buyer/Vendor expectations are still too far apart.
  • Focus on ESG: Increasing demand from institutional investors for high-quality ESG compliant buildings.


Want more information?

Download Market Matters Spring 2024

We developed Market Matters with a clear vision: to provide a straightforward resource for those looking to understand more about Dublin’s commercial property scene. Our findings reflect not just numbers, but also the collective knowledge of our team. At Murphy Mulhall, we’re always ready to help and answer any questions you might have.

For any clarifications or additional details, feel free to reach out to any of our team members. Contact Us Today.

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