Prior to the pandemic the Irish economy was the best performing in Western Europe with virtually full employment the highest GDP growth rate in the EU and strong consumption

Like everywhere globally Irish economic performance has suffered a short-term blip due to Covid 19. Unemployment has risen and GDP performance has been negatively impacted, however there are signs that as lockdowns are gradually eased the economy is returning to normal.

There have been significant Government intervention and stimulus packages which should assist in the rate of recovery, e.g. Consumer spending has already returned to mid-2019 levels with a 38.4% increase in retail sales in June 2020.


  • Population growth & age - Ireland has the youngest population in Europe. The population is forecast to increase by almost one million people to 5.75 million by 2040
  • Ireland has a proven track record as a successful location for established and world leading high growth multinational companies around the world
  • Ireland has the fastest growing economy in Europe 5.5% pa up to 2020, forecast GDP growth 2021 of 7.9%
  • One third of multinationals in Ireland have had operations in the country for over 20 years, illustrating the longevity, resilience and commitment of these companies in Ireland


The Irish market has proven to be resilient to the impact of Covid 19 on its performance

The office occupational market continues to function albeit at levels below the records we have seen in 2018 and 2019. Notwithstanding the pandemic take-up for 2020 is still anticipated to reach nearly 162,580 sq. m (€1.75m sq. ft). Since the beginning of the year major leasing deals have been undertaken by:


sq. m

sq. ft

RENT /sq. m

RENT /sq. ft

Fitzwilliam 28, Fitzwilliam Street, Dublin 2 Slack 12,542 135,000 €645.83 €60.00

2 WML, South of Beckett O'Casey
(SOBO) District, Dublin 2

Zalando 4,413 47,500 €699.65 €65.00

One Park Place, Hatch Street,
(Block A & C),Dublin 2

Dropbox 3,902 42,000 €645.83 €60.00

78 Sir John Rogersons Quay
(State Street) (Block A), Dublin 2

Salesforce 3,437 37,000 €645.83 €60.00

One and Two
South County Business Park, Dublin 18

Mastercard 23,226 250,000 €349.83 €32.50


Additionally, during lockdown, Microsoft have signed 4,238 sq. m (45,621 sq. ft) at Dublin Landings, North Docklands, Dublin 1, Amazon agreed to take 6,503 sq. m (70,000 sq. ft) at Burlington Plaza, Dublin 4 and An Post have agreed to take approx 9,290 sq. m (100,000 sq. ft) at the Exo Building, North Docklands, Dublin 1. This activity demonstrates the continued activity in the Dublin Office Market

Vacancy rates in the city centre stand at 6.4% Dublin 2 continues to see the lowest vacancy rate of the major sub markets at 4.8%. This figure decreases to 4% when reserved stock is removed


Grade A Office Rents are now at €65 per sq. ft

The Dublin office investment market remains strong with significant investment activity and a depth of both domestic and overseas buyers competing for prime assets. Core deals have continued without price adjustments. Recent key transactions are set out below:





CV sq.m

 CV sq.ft
2 Burlington Road, Dublin 4 €94m KGal 4.25% €11,894 €1,105

30-33 Molesworth Street, Dublin 2

€59.5m KanAm 3.6% €11,248 €1,045

Bishops Square, Dublin 2

€183m GLL 3.98% €10,775 €1,001

28 Fitzwilliam, Dublin 2

€177.4m Amundi 3.9% €14,079 €1,308


Market Statistics Source: JLL Research as at Q2 2020