Dublin office glut worsens, with vacancy rates ‘set to rise further’

​More completions and fewer leases have added to the oversupply in the market

Blocks 2 and 3 of the office scheme at Wilton Park, in Dublin 2, were among a number of developments delivered in the first quarter of the year

John Burns

More office space came on the Dublin market in the first quarter of this year than in all of 2023, according to a new report by BNP Paribas Real Estate (BNPPRE) Ireland.

Some 84,000sqm of space was completed while just 16,310sqm of purpose-built offices were leased, the lowest amount in three years.