According to the latest CB Richard Ellis (CBRE) Dublin office market report, demand is at an all-time high in the city's office market with letting activity up 31% year-onyear. This demand, the property consultants claim, is driven by both indigenous and overseas occupiers who continue to make expansion and re-location decisions against a positive economic backdrop. 48% of office letting activity in Dublin during this period comprised international occupiers, with indigenous occupiers accounting for the remainder.

Business-services tenants accounted for two thirds of take-up. The public sector accounted for 13% of office letting activity while the remaining 16% of lettings were accounted for by professional and IT sector tenants. The largest proportion of office accommodation let in Dublin in the first quarter was located in the city centre, with more than half of all lettings taking place in the prime Dublin 2/4 and docklands districts of the city.

"Prime rents in the Dublin 2/4 and docklands region have increased from approximately 645 per sq m to 673 per sq m since Christmas and look increasingly likely to hit a benchmark of 700 per sq m this year, " says James Mulhall, director of CBRE's office division.