Ireland has been in lockdown since January 1st, meaning property inspections and overseas travel, along with
construction activity, could not take place. Despite this, more than €1.2 billion was invested in Irish commercial real estate assets during Q1 2021 with overseas investors again predominating.

Occupiers took 43,000 sq m of Dublin office space in Q3. Unsurprisingly, given very sluggish activity in the first half of the year, this represented a 162% uplift on Q2. Perhaps more surprisingly, Q3 2021 was the busiest third quarter since 2018, with take-up levels 20% above the longrun Q3 average.

Total office take-up for Q2 2021 reached 16,485 sq.m. While this is a significant increase on the 4,561 sq.m signed in Q1, it is still very low relative to pre-pandemic levels and represents one of the lowest quarters on record for office take-up in Dublin.

With a full lockdown keeping offices closed and preventing physical property viewings from taking place for all of Q1
2021, it is not surprising that office take-up in Dublin reached a new low of just 4,561 sq.m during the quarter.