Summary and analysis of Dublin's current office real estate market conditions.
Insight
Dublin Office Market Dynamics, Q1 2025
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In Q1 2025, the market vacancy rate increased slightly from 15.8% to 15.9%. When Workday’s reserved space at College Square is removed from vacancy, the market rate falls to 15.1%.
The level of reserved space is 1.1m sq.ft., up 50% from the two-year quarterly average, largely driven by Workday’s deal at College Square.
Grey space continues to be an influential factor in the Dublin market but is gradually declining as leasing activity picks up momentum. Grey space was 33% of take-up in Q1 2025. With 1.9m sq.ft. on the market, the presence of grey space has declined by 500,000 sq.ft. since its peak of 2.4m sq.ft. in Q1 2024.