There is currently more than five years' supply of office space available in Dublin, according to property consultants HWBC.

Last year the vacancy rate increased by almost 50% from 16.4% to 22.54%.

It is expected that the supply of new space will virtually cease next year and the vacancy rate will peak later this year at around 25%.

Total take-up in 2009 was 71,895 sq m, 58% down on the previous 12 months. Over the last 10 years the average take-up was around 170,000 sq m per annum and it is likely the market will return closer to this level over the next two to three years, it said.

The agent said there was an ongoing requirement from US company Dun & Bradstreet. Possible new entrants such as LinkedIn could also increase take-up.