This resulted in a full-year take-up of approximately 209,000 sq m, which is almost 66% more than the full-year activity in 2023. But according to CBRE Ireland's data, the market's overall take-up is 12% lower than its historical norm.

The accountancy firm Deloitte signed to a long-term lease for 14,400 square meters at 1 Adelaide Road for their new Irish headquarters, which was the biggest leasing agreement of the last quarter. 28 percent of the quarterly take-up was attributable to this deal.

Wells Fargo purchased 2,380 square meters at the recently finished Coopers Cross in the north Docklands, which was another noteworthy transaction this quarter.

According to CBRE Ireland, 62,000 square meters of office space in Dublin are expected to be practically completed over the course of the next 12 months, which is the lowest level since 2015. Nearly 60% of this space is already pre-leased.

"Given the trajectory of take-up, combined with the lower level of completions, this will result in the vacancy rate now starting to decline from its current level," according to the report.

Occupier sentiment has greatly improved, according to Colin Richardson, Head of Research at CBRE Ireland.

"Despite continued 'rightsizing' in the office sector, ‘generational moves’ by EY, Stripe, Deloitte and Workday (which should close in H1 2025) into new HQ space in Dublin have shifted sentiment drastically over the last nine months," he stated.

"Vacancy has now peaked and will start to decline this year, as office construction completions slow," he stated.