The following report incorporates a detailed overview of the Irish regional office markets including Dublin, Galway, Cork and Limerick. This market analysis covers occupation levels, vacancy levels and rental performance in each location.
Transaction activity continued to fluctuate on a quarterly basis across all of the regional office markets.
There is a shortage of good quality large office floor-plates in all four regional office centres which has the potential to hinder market activity in the future.
Demand focussed on Grade A accommodation in all regional centres with most latent demand for the best quality Grade A1 stock.
Notably there is no Grade A office floor-plates measuring over 5,000 sq m in the Limerick centre, only one such floor-plate in Galway, three in Cork and just seven in Dublin CBD.
Availability levels remain particularly high in the Cork and Limerick centres. That said, vacancy levels in the Galway office market remain the lowest of all regions.
There is currently no space under construction in any of the regional centres.
Source : DTZ (Groupe UGL)