Dublin Office Market Overview - Research, Q4 2021 Special Focus: Latest Trends in the Grey Market - Knight Frank
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Occupier Trends Investment Trends Market Outlook
Dublin Office
knightfrank.com/research
Market Overview
Research, Q4 2021
Special Focus: Latest Trends in the Grey Market2 3
DUBLIN OFFICE MARKET
OVERVIEW Q4 2021
15%+
Forecast GDP growth in 2021
As high value adding sectors continue to create
Once again Ireland is excelling in terms of recovery, productivity growth, job creation and
jobs and global trading partners also experience
consequently tax in-take which creates a very positive backdrop for continued success in 2022.
a strong recovery. Inflationary pressures now a
key challenge across all sectors.
PAGE 3
ECONOMY uu adjusted for jobs lost or on hold due
Sectors that traditionally to Covid-19.
The Irish economy continues to recover at
require office space have
a pace that exceeds that of other EU and A very positive impact of growth
€746m 999,000
seen a strong increase in
global economies. Well established drivers and employment generation across
employment. There are
such as the strength of the multi-national key economic sectors has been the
almost 52,000 more people
Invested in Dublin office
assets in Q4, taking total office
sq ft sector, the level of employment creation in
high value adding sectors along with the
pace of the rebound in consumer spending,
employed in Professional
Services and ICT than before
the pandemic.
highest tax in-take on record in 2021.
Department of Finance data for 2021
shows that the total tax take was up
investment to €1.5bn in 2021.
Office market take-up, bringing have put Ireland firmly on track to deliver
Blackstone’s purchase of uu
the total for the year to 1.6m sq ft, strong double-digit growth of an estimated
The Serpentine Buildings in
slightly ahead of our forecast 15.6% for 2021. ECONOMIC GROWTH
Ballsbridge, Dublin 4, which is let
5 KEY
of 1.5m sq ft. KPMG’s decision to employed across the Finance, Insurance 2021 & 2022
to Meta (Facebook), for €395m Modified domestic demand – which
take 289,000 sq ft at Harcourt & Real Estate sector and almost 2021E 2022F
was the largest deal of the reflects growth in just the domestic
Square was the largest deal of the
52,000 additional employees across
TA K E A W AY S
quarter and the year and further economy – is expected to have
IRELAND 15.6% 7.6%
year and reflects the underlying
reflects the depth of interest in the Professional Services and ICT
confidence in the market. increased by over 5% in 2021, with EUROZONE 5.0% 4.3%
prime Dublin office assets. sectors compared to the end of 2019.
over 6% forecast for 2022 reflecting
PAGE 4 The Industry sector, which includes UK 6.9% 4.7%
PAGE 10 an effective return to pre-pandemic
Pharmaceuticals, while less office focused US 5.6% 3.7%
spending levels by consumers.
in terms of property requirements, now
CHINA 8.0% 5.1%
The longer than expected need to work also employs 20,000 more people than
GLOBAL 5.5% 4.1%
from home where possible and the before the pandemic.
emergence of hybrid working models has E = estimate, F = forecast.
It is no surprise that unemployment has
not impacted employment growth across CPI Source: Knight Frank Research, OECD, IMF, World Bank,
fallen considerably to 5.1%, and 7.5% if Department of Finance, Central Bank of Ireland/ESRI.
most sectors. With the exception of the
Accommodation & Food as well as the
Administrative sectors of the economy,
€57.50 psf 812,000 sq ft all other sectors now employ more people Irish consumer price inflation (CPI) and harmonised index of consumer
prices (HICP), monthly 2018 - 2021
than before the pandemic.
HICP CPI
6%
prime rents held firm at this level in 2021 and are was reserved at the beginning of 2022, reflecting the pace of uu
5%
expected to increase to €62.50 psf by mid year. recovery in demand towards the end of 2021.
Double digit growth for 4%
PAGE 5 page 4 2021 as Ireland’s recovery 3%
continues at pace. 2%
1%
uu
0%
-1%
In particular, the sectors that require -2%
2018 2019 2020 2021
office space have experienced a very
considerable increase in employment.
Source: CSO/Knight Frank Research
There are now almost 24,000 more4 5
19.6% compared to 2020, with the OCCUPIER TRENDS the year as a whole to one hundred and
uu
A decline in the amount of space on
uu
income tax take up almost forty-one, one hundred and two (72%) of the grey market, along with increased
Despite the setback presented by the
€4 billion, reflecting the type of which were signed in the second half of KPMG and TikTok take-up and delays to the completions We forecast that prime
Omicron variant in Q4, which stalled a
roles created across the economy. the year. completed the two largest pipeline have all contributed to the rents will reach €62.50
return to the office for many, occupier
VAT receipts increased by 24.3% occupier deals of the decline in the vacancy. The expectation psf by mid-year and
activity increased considerably. 79% of activity in Q4 was in the City €65.00 psf by the end
and the corporation tax in-take by year. Both deals signed is that the vacancy rate will continue to
just under 30%. Total take-up for 2021 reached just over
Centre followed by the South and West
in Q4 and given their decline in 2022.
of the year.
Suburbs which accounted for 7% of take-
1.63m sq ft, a little ahead of our forecast scale, reflect a vote of
Inflationary pressures are inevitable up each. The TMT sector continues to uu
of 1.5m sq ft made this time last year. confidence from two key Rents
and will be a key challenge for the lead occupier demand with that sector sectors (Professional
domestic and global economies in Take-up representing 42% of take-up in Q4. services and TMT) in the Prime rents remained firm throughout
2022. The risk of higher interest rates Professional Services made up 31% of underlying fundamentals 2021 at €57.50 psf. Delays to the
OUTLOOK
999,000 sq ft of space transacted in Q4 –
is on the horizon and for the first time take-up followed by Finance and Other of the economy as well as construction pipeline, compounded by The lifting of almost all Covid-19
twice the amount that transacted in Q3
in over a decade will play a role in which comprised 8% each. the growth prospects for inflationary pressures in the construction restrictions will allow for a much broader
(436,000 sq ft).
investor decision making. their own sectors. as well as all other sectors, are expected return to the office and a wider opening
There was 812,000 sq ft of space
The largest transaction in Q4 was to see prime rents increase in 2022. of the economy. This is expected to allow
Overall however, economic conditions reserved at the beginning of 2022 and an uu
KPMG’s decision to pre-let 289,000 sq ft occupiers to act on demand requirements
in Ireland are in a very favourable estimated 3.5m sq ft of active demand Upward pressure on rents will be led by
at Harcourt Square, which they are due which have evolved over the last two
position as we enter 2022. Job in the market. 84,000 sq ft is reserved at demand for new or redeveloped buildings
to occupy in 2026. TikTok’s decision to Vacancy years which they have not been able to
creation across office-based sectors the Exo Building in Dublin 1, 73,000 sq which meet sustainable credentials and
take 216,000 sq ft of space at The Sorting progress with.
throughout the pandemic is expected ft at Dockline and 62,000 sq ft at No.3 The vacancy rate has fallen to 9.8% from which offer occupiers the best options
Office was the second largest deal. I N T E N D TO I N C R E A S E H O L D I N G S
to result in pent-up demand for office Dublin Landings, both also in Dublin 1. 10.5% at the end of Q3 2021. It peaked at for hybrid working spaces and flagship Our expectation is that activity in 2022 will
space as employees re-emerge from Apart from these two large deals in Q4, In Dublin 2 there is 60,000 sq ft reserved 10.6% in the middle of 2021 following the space in line with their brand and gain considerable momentum from the
NO CHANGE
home over the coming months, even there were fifty-four other deals signed, at 12 Dawson and another 80,000 sq ft at lowest level of demand on record in the growth strategies, a key part of which is end of Q1 onwards with take-up forecast to
allowing for hybrid working models. bringing the total deals completed for One Park Place. I N T E N D TO D E C R E A S E first
HOLDING S half of 2021. attracting and retaining talent. reach 2m sq ft for the year as a whole.
9.8%
TOP 5 OFFICE LEASING TRANSACTIONS Q4 2021 Dublin market vacancy rate
12%
PROPERTY TENANT SECTOR SIZE (SQ FT)
10%
PROFESSIONAL
HARCOURT SQUARE, DUBLIN 2 KPMG 288,500
SERVICES
Vacancy rate
€62.50
8%
THE SORTING OFFICE, DUBLIN 2 TIKTOK TMT 216,000
6%
Take-up by sector BUILDING 10, CHERRYWOOD WE ARE THE PIONEER
CO-WORKING 30,558 4%
Q4 2021 BUSINESS PARK, DUBLIN 18 GROUP
TMT 42% 2%
prime rental forecast mid-2022
ONE PARK PLACE, DUBLIN 2 LINKEDIN TMT 28,506
PROF SERVICES 31%
FINANCE 8%
0%
2 STEMPLE EXCHANGE, DUBLIN 15 VERITAS TMT 27,280 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
OTHER 8% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021
Source: Knight Frank Research Source: Knight Frank Research
Office take-up Prime rental growth (per sq ft)
sq ft (millions)
€80
€70
3.9M
3.6M €60
3.3M
€50
2.8M
2.7M
2.4M €40
2.0M €30
1.6M
1.5M €20
MEDICAL 3%
€10
CO-WORKING 4%
€0
STATE 4%
2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 2022F
2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Knight Frank Research Source: Knight Frank Research Source: Knight Frank Research
2013
2015
2016
2018
2019
2020
2021
2022f
2014
20176 7
R
D
PE
OA
RR
TOP LETTINGS, INVESTMENTS & DEVELOPMENTS IN Q4 2021 ULA
UP
ET
RC
PO
RE
CI
RT
LL
H
ST
HI
LA
RT
ER
ET
ND
NO
M
RS
M
RO
SU
M
DO
W
AN
One & Two Dockland Central
OR
George's Quay House Date: Q4 2021
ST
Date: Q4 2021
RE
Price: €152,288,000
ET
Take-up: 22,959 sq ft
HILL
CONNOLLY NIY: 4.76%
GA
Tenant: Intercontinental Exchange STATION
Vendor: Hibernia REIT
RD
TIO N
Sector: TMT
Purchaser: Commerz Real AG
INE
O ’C O
T ITU
T
RS
EE
The Bloodstone Building
T
TR
NS
NNE
RE
Date: Q4 2021
SS
CO
ET
Take-up: 13,275 sq ft
LL S
ET
IEN
CH
LO
E
ES TR SH ER IF F ST Tenant: GLG
LS No.3 Dublin Landings
AM
WE
TR
TE EL HENRY RE ET UP PE
RF RN R
Sector:
PA
Other Date: Q4 2021
EET
R
IE STREET
LD
PHOENIX Take-up: 11,295 sq ft
AD
AV THE
L PL
PARK E CONVENTION
Tenant: Hannover Re
STREET
EA ST WA LL RO
CENTRE
Sector: Finance
KHAL
SMITHFIELD
UAY
BLAC
QUEEN
N Q
3ARENA
EDE
HEUSTON S QUAY The Sorting Office
STATION R GE C IT Y 76 Sir John Rogerson's Quay
GE O QUA
Y
Date: Q4 2021
VIC TO RIA QU AY Take-up: 216,000 sq ft Date: Q4 2021
ARR
AN
QUA Tenant: TikTok Take-up: 17,067 sq ft
USH Y Tenant: Trinseo
ER’
SQ Y Sector: TMT
A
UAY D QU Sector: Other
S WOO
AS
BYP
IZOD
BRID
EL
BORD GÁIS
AP Marshalsea Court ENERGY 8 Hanover Quay
CH Date: Q4 2021 THEATRE
GE S
TRINITY Date: Q4 2021
TR Price: €23,600,000 COLLEGE
PEA Price: €46,590,000
EE DUBLIN RSE
THOM T NIY: 5.60% STR NIY: 3.32%
AS S E ET
Vendor: Sonbrook
SOUT H CIR CU LA
TR EET Vendor: BNP Paribas REIM
Purchaser: Corum
T
2 Windmill Lane Purchaser: Deka Immobilien
E
PATR I CK S TR E
ET Date: Q4 2021
RE GRAFTON
The Reflector
ST Take-up: 13,117 sq ft
E ST
STREET
ES
T
JA M Date: Q4 2021
REE
Tenant: Udemy
DAR
Take-up: 16,468 sq ft
E
A D Sector: TMT
ON ST
M RO
AN
R R O AD
INHA L Tenant: Wix
O L D KI L M A
KIL
E GR
ROW
BON AN Sector: TMT 10 Hanover Quay
DAWS
AR D
M GOVERNMENT CA Date: Q4 2021
MERRION NA
BUILDINGS SQUARE L Size: 69,000 sq ft
The 8 Building KEV M ST
Developer: Kennedy Wilson
OU LO
Date: Q4 2021 IN
ST NT W
RE ST ER
Take-up: 7,989 sq ft ET RE
Tenant: Banach Technology
UPP
ER
ST STEPHEN’S
GREEN ET 84-93 Mount Street
LO
WE Date: Q4 2021
Sector: TMT R
Price: €35,000,000 UE
T CUFFE ST BA TH AV EN
R EE Fitzwilliam 27 NIY: 4.73%
ST Vendor: Henderson Park
RK Date: Q4 2021
CO
E
Size: 145,313 sq ft Purchaser: Patrizia
AC
D
The 8 Building
O
Developer: ESB
N
RR
SO THE
O
BA
UT Date: Q4 2021
R
HC
E
IVEAGH
E
G
LE
IRC
TT
T
G
R
AV
ULA Take-up: 13,286 sq ft GARDENS
EE
O
PE
ES
RR D AVIVA STADIUM
T
NR
OR
EN
Tenant: Infineon Technologies
TR
OA
UP
ST
NO
ON
CAMDE N S T R E E
D TO
UE
G
LSF
DO
LS
Sector: TMT DIN
LO
ST
RT
SHEL
ST
LP D
HA
W
SI
HI
EAR
HU
M
LO
N
ER
AS
RO
IA
HA T C H ST
MB
WE
BOUR
AD
NBR
LL
Harcourt Square RE ET
R
WI
ER
Date: Q4 2021
6 Pembroke Row
CLA
TZ
LA
N E R OA D
Take-up: 288,500 sq ft
FI
Date: Q4 2021
ND
T
Tenant: KPMG
LO WE
Size: 26,716 sq ft
RO
Sector: Professional Services
CH
Developer: MKN Property Group
AD
AR
40 Mespil Road
R
LE
Date: Q4 2021
M
O
Take-up: 16,092 sq ft 35 Shelbourne Road
NT
Tenant: Huawei Date: Q4 2021
ST
KEY Sector: TMT Take-up: 25,198 sq ft
E
NU
One Park Place Tenant: Just Eat
E AVE
RA
LETTINGS Date: Q4 2021 Sector: TMT
NE
Take-up: 28,506 sq ft 40 Mespil Road
TIN
LE
LA
INVESTMENTS
Tenant: LinkedIn ES
Date: Q4 2021
GH R
ON
EN
DEVELOPMENTS Sector: TMT Take-up: 11,377 sq ft ST
P
U
R
OA
Tenant: Crowe PP
The Serpentine Buildings
SE
DART RAIL LINE 45 Mespil
ER Road
D
Sector: Professional Services Date: Q4 2021 Date: Q4 2021
LUAS TRAM LINE
Take-up: 13,554 sq ft Price: €395,000,000
LUAS TRAM LINE Tenant: Cairn Homes NIY: 4.04%
Sector: Finance Vendor: Serpentine Consortium
Purchaser: Blackstone8 9
SPECIAL FOCUS
OFFICE DEVELOPMENT
The impact of delays to the office S P E C I A L F O C U S : L AT E S T T R E N D S
construction pipeline became very evident IN THE GREY MARKET
at the end of Q4, with a number of large
buildings which were due to complete
Quite an amount of space was earmarked which has made them realise that they
delayed into Q1 2022. uu
for the grey market prior to Covid-19, need to retain some space in order to
Three large pre-let buildings (One Wilton with fast growing technology companies accommodate this expansion, regardless
Park, Spencer Place and Boland’s Quay) tending to take excess space in order of whether they plan on adopting Looking ahead, the best
which total just under 800,000 sq ft are to facilitate medium term growth. hybrid working or not. For companies grey space is transacting
now due to complete in Q1. 169,000 sq Furthermore, Covid-19 has also been a transitioning to hybrid working, some quickly. Older stock,
ft at The Exo Building is also now due to catalyst for financial services companies overestimated the proportion of their with older fit-out may
complete in Q1. to review legacy footprints and expedite workforce that would work remotely on find it difficult to be sub-
59%
some of their consolidation efforts. a continuous basis and now realise that let or assigned. There
Three buildings completed in the final However, the latest data shows that the a greater share will return to the office could be discounting
quarter of the year, the largest of which amount of grey space* in the Dublin than previously thought, resulting in on space of that nature
was Fitzwilliam 27 which was developed by them withdrawing some space from
office market has reached a turning point, throughout the year
the ESB. 69,000 sq ft of speculative space of City Centre space due in declining for a second consecutive quarter the market. For others, while hybrid particularly if corporate
completed at 10 Hanover Quay while 27,000 2022 is pre-let to just under a 1.0 million sq ft in Q4 - an working may result in less employees in
occupiers look to
sq ft completed at 6 Pembroke Row (which overall decline of 11%. So, what are the the office at any given time, companies
mitigate cost exposure.
82%
was already let to the OPW). reasons behind this recent fall and can we now want to retain the same quantity
pre-let, while the same figure for Dublin expect it to continue? of space but use it differently by
There were no new office completions in uu
1 stands at 370,000 sq ft (spread across adding more space for collaboration,
the suburbs in Q4. Total space completed • The successful vaccination rollout
four buildings). There is no space under of space due to socialisation, and learning. Some
across the market in 2021 was just under and the phased easing of restrictions
construction and due to complete in complete in 2022 is examples of companies withdrawing There is also some evidence of this
1m sq ft, 50% of what was expected to in the second half of 2021 provided
the South Suburbs in 2022 which is not in the City Centre space from the grey market include type of space being handed back to
complete at the beginning of 2021. companies with an opportunity to plan
already pre-let. Bank of Ireland, who having originally the landlord particularly where a
a gradual return to the office as well as
marketed the entire of 40 Mespil Road, redevelopment or refurbishment play is
OUTLOOK The tighter supply pipeline will give
to consider their future occupational
are now understood to be retaining part possible. This, in conjunction with the
strategies which translated into a
fewer options for large occupiers looking of the accommodation for their own use. factors outlined above, is expected to
There is 2.7m sq ft in the pipeline for marked improvement in occupier
for new flagship office space in 2022. Likewise, DocuSign withdrew 24,000 sq accelerate the fall in the amount of grey
delivery in 2022, 2.2m of which is in the activity. In line with what we are
Large occupiers now need to plan ahead ft of space that they were marketing at 5 space available in Dublin throughout
City Centre. witnessing in the traditional leasing
to ensure that they can secure a building Hanover Quay, while Twitter took back 2022 as the market for grey space
market, there has been a flight to
In terms of space under construction, that will meet the requirements of any 16,000 sq ft at One Cumberland Place. experiences further stabilisation.
quality in the market for grey space
less than 500,000 sq ft is due for delivery expected productivity and employee
with good quality, modern grey space
this year in Dublin 2 which is not already growth going forward.
witnessing robust demand as evidenced
Volume of grey space available in Dublin
by Wix’s taking of 40,000 sq ft at The
Reflector, while DLA Piper and 2K 1,200,000
Games took 30,000 sq ft and 26,000 sq
ft at 40 Molesworth Street and One Park 1,000,000
L ARGEST BUILDINGS C OMPLETED IN 2021 Place respectively. A further 184,000 sq
ft of grey space was reserved at the end 800,000
BUILDING SIZE, SQ FT uu of Q4 suggesting that a healthy level of
Sq ft
demand will continue into 2022. 600,000
2 CHARLEMONT SQUARE, DUBLIN 2 170,125
Dublin’s office supply
• There is also some evidence of
FITZWILLIAM 27, DUBLIN 2 145,313 pipeline has been 400,000
companies withdrawing space from the
FITZWILLIAM 28, DUBLIN 2 135,000 significantly impacted
market. The reasons for this vary from
by Covid-19 lockdowns 200,000
35 SHELBOURNE ROAD, DUBLIN 4 87,500 company to company. The remarkable
recovery of the Irish economy
2 STEMPLE EXCHANGE, DUBLIN 15 82,570
uu 0
throughout the Covid-19 pandemic has Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
given some companies the confidence 2019 2020 2020 2020 2020 2021 2021 2021 2021
Source: Knight Frank Research
to grow their workforces once again Source: Knight Frank Research
* Ready and available for occupation10 11
INVESTMENT MARKET 3.32%, which reflects the fact that the €70m was invested outside Dublin in
building was under rented. Additionally, 2021, the largest transaction being the
€746m worth of office investments 84-93 Mount Street in Dublin 2, let to the sale by O’Callaghan Properties of One
transacted in Dublin in Q4, bringing the public sector, was purchased by Patrizia Navigation Square in Cork to Corum
total for the year to €1.5bn and ending the for €35m. The vendor was Henderson for €60m.
year on a strong note. Spend in the final Park who also sold Fitzwilliam Hall to
Looking ahead to 2022, there are three
quarter represented 50% of total office Sofidy for just over €30m. The largest
large lot sizes currently available.
investment for the year. five deals in Q4 were in the City Centre
Two of these are on the market; One
locations of Dublin 1, 2 & 4.
The largest deal of Q4 and indeed the Spencer Dock, which is the headquarter
year was Blackstone’s purchase of The
uu location of PWC in Ireland and Block R,
Serpentine Buildings in Ballsbridge, Looking at 2021, €1.5bn was Spencer Dock. The third is an off-market
Dublin 4, which is let to Meta (Facebook), invested in office assets, a portfolio in Dublin 2.
for €395m. This deal, along with the strong performance given
Strong demand is expected to remain
purchase of One & Two Dockland Central the limited travel and
a key feature of the market in 2022 and
for €152m by Commerz Real AG, made up viewing options available
the pace at which large lot sized assets
73% of total investor spend on office assets throughout the year.
come to the market in order to satisfy
in the Dublin market in Q4.
uu this demand will be interesting to watch
Other deals of note in the quarter include this year. New buildings with the best
the sale by BNP Paribas REIM of 8 Hanover 92% of the investment made in the sustainable credentials, in a City Centre
Quay which is occupied by AirBnB. The office sector in Q4 was from non-Irish location, are expected to test prime
purchase price of €46.6m paid by Deka investors, reflecting ongoing confidence yields at the 3.5% level.
Immobilien represents an initial yield of in the Irish market.
Profile of Investors TOP 5 OFFICE INVESTMENT TRANSACTIONS Q4 2021
by location Q4 2021
PRICE
PROPERTY VENDOR BUYER YIELDS
€ MILLION
US 53%
THE SERPENTINE BUILDINGS, SERPENTINE
BLACKSTONE €395,000,000 4.04%
DUBLIN 4 CONSORTIUM
EUROPE 39%
ONE & TWO DOCKLAND COMMERZ
HIBERNIA REIT €152,288,000 4.76%
CENTRAL, DUBLIN 1 REAL AG
2015 | £31BN
DEKA IMMO-
8 HANOVER QUAY, DUBLIN 2 BNP PARIBAS REIM €46,590,000 3.32%
BILIEN 2019 | £51BN
84-93 MOUNT STREET, DUBLIN 2 HENDERSON PARK PATRIZIA €35,000,000 4.73%
FITZWILLIAM HALL, DUBLIN 2 HENDERSON PARK SOFIDY €30,350,000 4.20%
Source: Knight Frank Research
Dublin office investment volumes (€ billions)
IRELAND 8% 3.1BN
Source: Knight Frank Research
89%
2.1BN
1.9BN
2020 | £58BN
1.5BN
1.4BN
2025 | £71BN 1.3BN
1.1BN 1.2BN
0.8BN
2013 2014 2015 2016 2017 2018 2019 2020 2021
of spend in 2021 was on
buildings in Dublin 1,2 & 4 Source: Knight Frank ResearchOccupier Trends Investment Trends Market Outlook Please get in touch with us
Dublin PRS Dublin Office
knightfrank.com/research
knightfrank.ie/research
Occupier Study Market Overview
Research 2021 Research, Q3 2021
Research Offices
Special Focus: Dublin 2 leads the way as the office market rebounds
IN ASSOCIATION WITH
Joan Henry, Chief Economist & Declan O’Reilly, Director
Head of Research declan.oreilly@ie.knightfrank.com
joan.henry@ie.knightfrank.com
Paul Hanly, Director
Dublin PRS Occupier Dublin Office Market
Study 2021 Overview Q3 2021 Robert O’Connor, Senior Research Analyst paul.hanly@ie.knightfrank.com
robert.oconnor@ie.knightfrank.com
Jim O’Reilly, Director
Occupier Trends Investment Trends Market Outlook Capital Markets jim.oreilly@ie.knightfrank.com
Ireland
knightfrank.com/research
Investment Adrian Trueick, Director Daniel Shannon, Director
Market Overview
Research, Q3 2021
Special Focus – The Dublin Industrial Property Market
adrian.trueick@ie.knightfrank.com daniel.shannon@ie.knightfrank.com
Peter Flanagan, Director Gavin Maguire, Associate Director
New Homes peter.flanagan@ie.knightfrank.com gavin.maguire@ie.knightfrank.com
Construction Survey
2021
Ross Fogarty, Director
Dublin Investment Market
Dublin Investments Q3 2021_FINAL.indd 1 09/11/2021 15:24
New Homes Construction
Overview Q3 2021 Survey 2021 ross.fogarty@ie.knightfrank.com
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