{"id":213091,"date":"2025-12-03T11:49:09","date_gmt":"2025-12-03T11:49:09","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/213091\/"},"modified":"2025-12-03T11:49:09","modified_gmt":"2025-12-03T11:49:09","slug":"workdays-landmark-leasing-of-college-square-sets-tone-for-resurgent-dublin-office-market-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/213091\/","title":{"rendered":"Workday\u2019s landmark leasing of College Square sets tone for resurgent Dublin office market \u2013 The Irish Times"},"content":{"rendered":"

The Dublin<\/a> office-leasing sector<\/a> has shown growing momentum throughout 2025. This momentum is underpinned by three key drivers: the stabilisation of the return-to-office story, Ireland\u2019s sustained economic growth, and a race among occupiers to secure the best workplaces to reflect their brand identity.<\/p>\n

Workplaces are no longer just functional spaces \u2013 they have become statements of culture, collaboration and ambition. The office environment has become more human-centric in design, ensuring that when we are in the workplace we are as productive and collaborative as possible. The theme of the year has been occupiers wanting more from their workplace not just in quality but amenities, sustainability credentials, and critically and most importantly, location. <\/p>\n

This year\u2019s headline deals that illustrate the above include Workday<\/a>\u2019s landmark leasing of Marlet<\/a>\u2019s College Square development \u2013 totalling 39,019sq m (420,000sq ft) (the largest European office lease since the Covid-19 pandemic), Vodafone<\/a>\u2019s assignment of 6,503sq m (70,000sq ft) on St Stephen\u2019s Green, Stripe<\/a>\u2019s 14,493sq m (156,000sq ft) at One Wilton, and continued expansion of occupiers such as Apple<\/a>, EY<\/a> and BNY<\/a>. All of the above lettings reflect the demand for the best spaces in the best locations.<\/p>\n

Alongside traditional leasing, 2025 saw a surge in demand for flexible workspaces. Co-working and serviced-office providers attracted both local and international occupiers seeking agility, low upfront costs and the ability to scale quickly.<\/p>\n

Occupiers of these types of spaces also benefit from access to premium buildings that elevate their brand and recruitment potential. They are paying handsomely for these spaces in a sector that has seen significant rental growth in 2025 \u2013 reflecting the fact that occupiers both small large want the same thing and are willing to pay for it. Yet, while flex space has grown, it remains a stepping stone as most of those who avail of it typically transition into long-term leased spaces. As we enter 2026, we continue to see requirements from local and international flex-office providers seeking to expand to capitalise on this demand.<\/p>\n

\"AislingAisling Tannam is a director in the offices division at Cushman & Wakefield <\/p>\n

The other real story lies in supply, where we have seen a clear inflection point best illustrated in the near 3 per cent reduction in the Dublin CBD vacancy rate over the past 12 months. This is significant. <\/p>\n

Furthermore, at the end of the third quarter of 2025, 78 per cent of Dublin\u2019s office pipeline to 2027 was already pre-let or reserved, leaving limited options for occupiers seeking the best spaces in 2026. Development activity is at historically low levels, and rising construction costs and issues securing financing are constraining speculative projects.<\/p>\n

Occupiers who once enjoyed abundant choice now face a tightening market, which may force occupiers to re-gear leases in space that may not fully meet their requirements.<\/p>\n

[\u00a0Hibernia College Group signs for first floor at the Academy Building on Pearse StreetOpens in new window<\/a>\u00a0]<\/p>\n

This imbalance between demand and supply sets the stage for rents to grow in 2026. Occupiers chasing quality in the best locations will find themselves competing for scarce availability. Those fortunate enough to secure pre-lets will lock in prime space at today\u2019s rents, while speculative developments that deliver new projects will be rewarded with premium rents. <\/p>\n

The growing momentum over the last 12 months is likely to mark a decisive inflection point for rents. With occupiers prioritising brand, culture and quality and with supply pipelines constrained, prime rents are expected to exceed \u20ac70 per sq ft. Dublin\u2019s office market is entering a new era where scarcity and quality converge, driving headline rents to levels not seen before.<\/p>\n

Aisling Tannam is a director in the offices division at Cushman & Wakefield<\/p>\n","protected":false},"excerpt":{"rendered":"The Dublin office-leasing sector has shown growing momentum throughout 2025. This momentum is underpinned by three key drivers:…\n","protected":false},"author":2,"featured_media":213092,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[311,116231,79,62100,52,18,16242,19,17,99113,8612,46138,51180,8613],"class_list":{"0":"post-213091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-apple","9":"tag-bny-mellon","10":"tag-business","11":"tag-cushman-wakefield","12":"tag-dublin","13":"tag-eire","14":"tag-ey","15":"tag-ie","16":"tag-ireland","17":"tag-marlet-property-group","18":"tag-office-lettings","19":"tag-stripe","20":"tag-vodafone","21":"tag-workday"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115655486093393192","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/213091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=213091"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/213091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/213092"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=213091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=213091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=213091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}