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Lack of office space sends rents soaring

There have been no new offices constructed in Dublin for five years
There have been no new offices constructed in Dublin for five yearsSAM BOAL/ROLLINGNEWS

Prime office and retail rents in Dublin are expected to rise by about 12 per cent this year, raising concerns that Ireland could become less attractive to multinationals.

A report by the Society of Chartered Surveyors Ireland indicates that there was a 24.1 per cent year-on-year increase in prime office rents in Dublin last year. It said that this reflected the continued demand for city-centre locations, particularly from technology-based companies.

“While some respondents are anticipating an increase in supply in 2017, no new office space has been delivered to the Dublin market for the last five years and as a result demand continues to surpass supply,” Brian Meldon, chairman of the society’s commercial agency profession group, said.

“As a result, there are ongoing concerns about…

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