Dublin’s Return
To The Office

Rise in Dublin office reserved space

In Q2 2021, the Dublin office market witnessed a rapid increase in reserved space. A total of 46,350 sq m was reserved in the three months, a notable rise from under 20,000 sq m in the opening quarter. This brings total reserved space in the market to 86,450 sq m, the highest level in Cushman & Wakefield’s series since Q1 2020. 

Although there is still some way for the market to go in order to reach full pre-COVID-19 levels of activity, the second consecutive quarter rise in reserved office space solidifies the turn in market sentiment which was remarked upon in the opening quarter.

Dublin Office Reserved Space, Q2 2018 – Q2 2021

Dublin’s Return To The Office
Source: Cushman & Wakefield Research
Dublin’s Return To The Office
Tenant requirement tracker trending higher

Cushman & Wakefield compile a live tenant demand tracker, keeping account of all active and on hold requirements in the market at present. This tracker acts almost as a sentiment index for the market. Since the start of 2021 we have seen the volume of active requirements rise, with a total of 460,300 sq m of active requirements as of July 2021. This rise places the market in a good position heading into the second half of 2021. Although take up is expected to remain low, this tracker would indicate the rise in activity from a reserved perspective should continue.

Proportion of Irish population vaccinated

According to the latest data by non-profit organisation, Our World in Data, Ireland is both a European leader and world leader in COVID-19 vaccination rates. As of the 18th August 2021, 72% of people were vaccinated against COVID-19. This can be broken down as 64% of those are fully vaccinated while 8% are partly vaccinated. 

Additionally, according to a survey from Eurofound, people in Ireland are the most willing among European Union member states to take the Covid-19 vaccine. When asked about their intentions to take the vaccine 86.5% of those surveyed in Ireland said they were “very likely” or “rather likely” to take the vaccine. 

Rising reserved space and the tenant demand tracker trending higher paint a positive picture for the Dublin office market. Combined with this, the strong Irish administration rate of the COVID-19 vaccine and the attitude towards vaccine inoculation, all bode well for occupiers and employers alike for the return to the office movement. 

Fully Vaccinated People (per 100) - Europe

Dublin’s Return To The Office

Source: Cushman & Wakefield Research / Our World in Data