Office Agency | Ireland - Savills
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Office Agency | Ireland
OUREXPERTISE
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2018
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Dublin Offices Q1 2018
diversity of our people and skills is
Introduction Market Demand
Since our last report the economic news-flow has remained positive. After a very busy Q4 2017 when 136,851 sq m of purpose-built office
Ireland's labour market is currently in a real sweet spot. On one hand space was taken-up, activity reverted to 61,700 sq m in Q1 2018 –
strong and sustained jobs growth has brought unemployment down broadly in line with the long term quarterly average. This is notably
to 5.9% in April, its lowest rate for a decade. On the other hand there lower than the take-up figures quoted by some other agencies. The
is still some spare capacity for additional growth – both through main reason is our understanding that the LinkedIn lease on One
increased labour force participation and through a further contraction Wilton only became unconditional in Q2. This notwithstanding, the
in the unemployment rate. Because of this, wages are only picking momentum that currently exists is evident in Graph 1 which shows
up modestly (+2.1% y/y) and the competitive gains that have been continued growth in take-up on a four-quarter rolling basis, and April’s
achieved in recent years remain in place. lettings suggest that Q2 will be another strong quarter.
Actedin in the top four office leasing transactions
in in Dublin
in in 2016
The continued strength of the labour market has fed into a marked
* * * inby size and value
improvement in the public finances. Figures released in April show that
Graph 1:
the deficit was cut to just 0.3% of GDP last year and the debt ratio, Dublin Office Take-Up – 4 Quarter MA
Acted the top four office leasing transactions Dublin 2016
which had reached 124.2% of GDP in early 2013, has now retreated to
68%. This figure is targeted to fall further and should reach the required
60% level by 2021.
The improved public finances have created space to address some
Market
of Ireland’s long-standing economic constraints. In February Project
Ireland 2040 was launched, comprising a spatial strategy which covers
the next 22 years (The National Planning Framework) and an integrated
spending plan for the coming decade (The National Development
Plan). Expenditure of €116bn should bring Ireland’s public investment
Minutes Dublin
spending back above the EU average under this plan. And the various
infrastructure, environmental and regional development schemes
contained within it will enhance the competitivness of Dublin and
* by size and value
Ireland’s regional cities as business locations.
Take-Up by Sector
Offices
22,000 sq m of Dublin office space was taken by occupiers from the
OURSERVICES
SERVICES
ICT sector in Q1, and the share of space accounted for by this sector
continues to hover in-or-around 40% of total take-up. The importance
of US tech multinationals to the Dublin market was again evident with
Google taking 7,900 sq m across two lettings in Sandyford. However,
OUR
while ICT remains the dominant consumer of space, there has been
a marked up-shift in the proportion of take-up accounted for by two
other sectors. Financial companies took just under 16,000 sq m in 17
separate transactions (26% of total take-up). Larger lettings included
OUR SERVICES
Deloitte which pre-let 2,880 sq m at 3 Park Place, CNP Santander
which took 1,970 sq m in the same building, Mastercard which let 2,526
in Block E in Central Park and Depfa Bank and Apex Fund Services
which leased 1,830 and 1,394 sq m respectively in the Irish Life Centre.
5 Earlsfort, Dublin 2.
Specifically we offer advice on:
Specifically we offer advice on:
Specifically we offer advice on:
Marketing strategy, methods Tenant Advisory and
Marketing strategy, methods Tenant Advisory and
Research led and market trends Occupier Services
Research led and market trends Occupier Services
targeted
Research marketing
led targeted Marketing strategy, methods Tenant Advisory and
targeted marketing
marketing and market trends Occupier Services
Site appraisal, development options
Market Searches Project Management Site appraisal, development options
Market Searches Project Management and strategy
and strategy
Market Searches Project Management Site appraisal, development
options and strategy
Office design, Rating Advice
Office design, Rating Advice
Rent Review specifications and management
Rent Rent Review
Review Office design,
specifications and specifications
management Rating
andAdvice
appeals
and appeals
and management and appeals
Landlordswe
Landlords wehave
haveacted
acted forinclude:
include:
Landlords we have acted forforinclude:
DUBLIN OFFICE MARKET - H1 2018
DEALS AND DEMAND
24
Total take up Total Number of Deals Deals above Average sized deal Largest
1,674,160 sq ft 20,000 sq ft 16,235 sq ft ICT
103 sector
Largest deal Fastest Growing Sector Active Enquiries Prime
€65 psf €29.50 psf
LinkedIn
One Wilton
“Service Office”
6% in 2017 up to
16% in H1 2018
214 rents
city centre suburbs
152,900 sq ft
Total Active Demand 5.82m sq ft up from 3.51m sq ft Pre-Brexit Vote
STOCK AND SUPPLY
Total supply 40,998,260 sq ft
48% Pipeline on site
35% Location Existing Stock sq ft Development on-site
43 40%
suburbs city centre
CBD 19,494,196 3,800,022
buildings Pre-let/Owner City Fringe 4,154,876 11,836
on site, occupied
Suburbs 14,208,164 476,909
10%
City Fringe
Vacancy rate: Grade A Vacancy
Completed 5.7%
Vacancy Rate of Newly 25 Years
city centre in CBD 5.9% Developed Offices standard lease
998,238 11.86% since 2014:
suburbs
13.84% 12 years
sq ft 8.45%
Dublin vacancy Standard term certain
savills.ie
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2
19
4
3
7
5 8
9
6
11
10
17
1 Leasing agents on Whitaker Court
2 easing agents on the entire building to O2 and acted for Three
L
on rent review.
3 Advised Union on acquisition of 4 and 5 Grand Canal Square
4 Sold Riverside 1
5 Sold 2 Grand Canal Square
6 Advised IPUT on acquisition of 1 Grand Canal Square
7 Leasing agents of Riverside 2 to Cosmo Pharmaceutical
8 Sold The Marker Residences
9 Sold Hanover Quay
10 Sold development site to Cairn Homes and provided design advice
to TIO on its development. Leasing agents for the office scheme.
(Practical Completion Q1 2018). Letting of 61,000 sq ft to Aptiv.
12 11 easing and tenant representation agents for the
L
Bloodstone building
18
12 Advising on development of 76 Sir John Rogerson’s Quay
(Practical Completion Q3 2018)
15
13 13 Advised on original development by Ellier, leased to Facebook,
advised IPUT on sale and then leasing to Accenture
14 Sold 8 Hanover Quay and acted for Airbnb on leasing
14
15 old 78 Sir John Rogerson’s Quay and adjoining site to Kennedy
S
Wilson. Advised State Street on the leasing of this building
16
16 easing agents for The Reflector (Practical Completion Summer
L
2018). Letting of East Wing 40,000 sq ft to LogMeIn
17 cted as receiver over the historic Boland’s site for NAMA and
A
advised on its design and development
18 Sold 77 Sir John Rogersons Quay for Deutsch Bank to Hibernia
19 Acquired 30-32 Sir John Rogersons Quay for IPUT. Leasing agents
on new redevelopment to be known as Tropical Fruit Building
GREAT TENANT REPRESENTATION
IS ABOUT SO MUCH MORE
THAN THE TRANSACTION
We provide fully integrated real estate solutions for office occupiers. Our dedicated corporate
tenant representation team provides specialist commercial property advice to corporate clients
who wish to open a new office or expand existing ones.
Full cycle corporate services Property management
Executive relocation advice
Site appraisal, development
Marketing strategy, methodology options and strategy
and in-sites into market trends
Office design, specifications
Tenant advisory and management
Lease negotiation Rent reviews, re-gears and
renewals
Cash flow and service cost
strategy advice Rating/local tax advice and
appeals
How we can help you Our Expertise
Savills provides a full spectrum of office occupier Our clients benefit from the experience of a successful
services. We engage at an early stage with clients to team. We provide best in class services through our
identify the scope of their requirements, whether they ability to understand our client’s requirements and assist
may be looking to expand their business or dispose of them in achieving desired results efficiently and cost
current space. effectively.
We have helped client’s expand their business by Our clients range from both national to multinational
disposing of their existing interests, while simultaneously operations and include:
sourcing a new property in efficient manner on
favourable terms. A sample of the tenants we have represented include:
Our advanced network in conjunction with our colleagues
Savills-Studley in the United States provides the right
advice on both a local and international stage. We
provide US with multinationals a hassle free experience
when establishing their company in a new market.THE TEAM
Left to right: Michael Healy, Will Heffernan, David O'Malley, Christopher Boyce, Kellie O'Brien, Shane Duffy,
Georgina Dillon, Roland O'Connell, Andrew Cunningham, Sophie Beattie, Sam Daunt, April Geraghty, Peter
Owens, Conor Egan
270 employees
Dublin Office Cork Office Belfast Office
33 Molesworth Street, 11 South Mall Street, Lesley Studios,
Dublin 2. Centre, Cork. 32-36 May Street,
Belfast BT1 4NZ, UK.
3 offices
providing national (01) 618 1300 (021) 427 1371 (0044) 28 9026 7820
coverageDELIVERING DUBLIN’S SKYLINE
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