The vacancy rate of Dublin's office market has fallen on the back of steady quarterly take-up of space and a lack of new office developments, according to Savills.
Savills Ireland director Roland O'Connell says the last quarter of 2012 saw the highest level of quarterly take-up in the Dublin office market for the year at 51,000 square metres. This was also the highest quarterly take-up since 2008.
"Take-up for the year as a whole was 137,000 square metres, slightly lower than the 147,000 square metres occupied in 2011," Mr O'Connell said.
"Steady quarterly take-up and no new construction space has continued to see a drop in the vacancy rate to 20.2% at year end, compared to 23.6% at the end of 2010 and 21.6% at the end of 2011."Click to enlarge