- Dublin office market recovery continues in second quarter with approximately 61,000 square metres leased in the period
- A further 102,400 square metres of office space in Dublin was also reserved in the second quarter
- Vacancy rates have peaked and should gradually improve over medium term
DUBLIN, 23 June 2025 – Preliminary data for Q2 2025 indicate that the office market recovery in Dublin is gaining momentum with approximately 61,100 square metres of office space (657,800 square feet) leased in the second quarter. Over the past twelve months take-up has amounted to approximately 206,800 square metres (approximately 2.2 million square feet), at around the highest levels seen since 2022.
Workday’s deal to locate its new EMEA Headquarters at College Square in Dublin city centre (total space of approximately 38,700 square metres/416,200 square feet) which was secured by Cushman & Wakefield, marked the largest single deal in the quarter and indeed the largest single office lease in Europe since the COVID Pandemic.
The other major lease of note this quarter involved Vodafone which took approximately 5,900 square metres (63,000 square feet) at St. Stephen’s Green. The amount of reserved space (a good indicator of forthcoming lease activity) in the Dublin office market also held steady at over 100,000 square metres in the second quarter, in another sign of improving underlying health across the market.
On the supply side availability across the Dublin market remains elevated in a longer-term context but vacancy rates have peaked – our preliminary analysis suggests that the CBD (Central Business District) vacancy rate in Dublin could fall to approximately 15.5% in Q2 compared with 17% in Q1 2025.
The future office construction pipeline also looks weak in a historical context – at the end of Q1 only approximately 165,000 square metres of new office space was under construction for the entire 2025- 2027 period compared to average Dublin office take-up of around 193,000 square metres per annum over the past 15 years. Furthermore, 76% of this space was already pre-let or reserved – suggesting that the vast majority of this future supply will never hit the market.
Tom McCabe, Head of Research & Insight, Ireland, Cushman & Wakefield, said:
“In recent quarters we have seen a marked improvement in supply and demand fundamentals for the Dublin office market. Take-up on an annualised basis is running at its highest levels in around three years, the amounts of reserved space have climbed, vacancy rates are now falling, and future office supply is relatively scant. Overall, the data points to a market which is rebalancing for the better.”
Ronan Corbett, Head of Offices, Ireland, Cushman & Wakefield, said:
“Cushman & Wakefield is delighted to have secured College Square as the new EMEA Headquarters for Workday this quarter. This is also significant vote of confidence not only in the Dublin office market but also in the outlook for international investment in Ireland. Together with the latest trends we are seeing in our Q2 2025 data, the outlook is brightening for the office market after a difficult last few years.”
