Market Monitor Q3 2025

Welcome to Market Monitor Q3 2025 – Analysis of the Dublin Office & Investment Market.

At Murphy Mulhall, we are proud to release our up-to-date independent assessment of the Dublin Office provided by James Mulhall and Investment Markets by Brian Gaffney.

Here’s a snapshot of what has been happening:

Dublin Office Market: 

“With most occupiers in the 0-10,000 sq.ft. size bracket (1 – 100 employees) typically signing leases for 5 years or 10 years with a tenant break option at the end of year 5, the cost implications of both an initial fit-out and yield up at lease exit (‘putting it back to the way you got it’) are financially significant.”

James Mulhall

• Busiest Q3 since Q3 2018: 832,000 sq.ft. take up, spanning 62 deals.
• SMEs Lead the Way: 69% of all Q3 2025 deals were between 0-10,000 sq.ft. sector.
• Rise in Fully Fitted Office Offerings: Noticeable increase from Landlords, particularly in the CBD.

Investment Overview:

“Investors have continued to prioritise assets featuring strong tenant covenants, extended WAULTs and strong ESG credentials. This preference is especially significant due to the high refurbishment costs and challenges associated with improving BER’s in buildings that are occupied by tenants.”

Brian Gaffney

• Continued Market Activity: €699 million transacted in Q3, across 34 transactions.
• Transaction Size Trends: €0-€10 million most active, accounting for 56% of the total number of deals.
• Office sector very active: Approximately €244.5m worth of capital, reflecting approx. 35%  of total spend.

Want more information? 

Download Market Monitor Q3 2025