Having just spent a few days with someone looking at office rentals I am kind of gobsmacked by this article:
It’s the classic hook, line and sinker swallowing of VI bait as usual then regurgitating it as ‘journalism’.
Notice the restrictions in the text ‘Prime grade A’, ‘Dublin 2 and Dublin 4’
Of course there is little new development going on in D2 and D4 - they are already very well developed - if you want to put up something new you have to demolish something old and if the something old is making a good rent then there’s not much incentive to demolish it.
Even at that offhand I can think of several very big developments underway at the moment (not sure if they come to 50000m2 but they seem pretty big to me) - there’s the site at the Burlington, LinkedIns new place in Lad Lane, the site at old Vet school (although this seems to be stalled - I believe they are digging down another two floors to build a car park, but I also heard that they want to sell the partially completed building as is and are holding off for a better price). There is also huge potential on the remainder of the sites around Jury’s and also Bolands Mills, there are even sites left around Grand Canal Dock.
Notice how they focus south of the river - there is still loads of office and development space just North of the Liffey. Further out there are 1000s of square metres of space in the likes of Sandyford and, Center Park and Cherrywood - I know, I’ve seen it. All of this stuff is well served by public transport links.
I just don’t buy this one at all.