Solid performance witnessed across all of the regional office markets during the first three months of 2013.
There is a notable 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.
The Dublin Office market witnessed a renewed interest in demand for larger office floor-plates; the suburbs accounted for much of this demand due to a shortage of larger floor plates in the CBD.
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 six in Dublin CBD.
Availability levels continue to fluctuate; remaining stubbornly 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. That said, Hewlett Packard’s design and build office block measuring 9,290 sq m is due to commence construction later this year in the Galway office centre.
Source : DTZ (Groupe UGL)