Poor sentiment from 2023 trickled into Q1 2024, with total take-up reaching 170,000 sq ft, which we consider be the low point of the cycle.
Larger deals are set to return to the market over the coming quarters, with a preference for newly built space to dominate occupier preference.
Knight Frank forecast that total take-up will reach between 1.5m – 2m sq ft for the year as a whole.
While completions are on track to reach 2m sq ft this year, we forecast that overall market vacancy will peak at year end.
2024 represents a unique opportunity for occupiers who know their requirements and workplace strategies, to chose between a number of new city centre schemes. Those working on medium term strategies will find that the pipeline has tightened considerably, with currently no schemes due to complete after 2026.
Joan Henry, Chief Economist & Director of Research, Knight Frank Ireland
