The office market in Dublin appears to be on a downward slope with prospects of recovery not anticipated until around 2027. This situation, characterised by over-supply of new developments and dwindling demand, led the Central Bank to express worry in the past week. This raises concerns about a potential collapse in the office market sector and its subsequent implications on the economy.
John McCartney of BNP Paribas Real Estate divulges that this downturn in demand is not surprising but rather a part of the market cycle. He investigates contributing factors such as challenges in the ICT industry and the rise of working from home after the pandemic, which have pushed the market to this critical point.
Una Mullally, a columnist for the Irish Times, held no reservations about stating that the crash has already started. She links the issue to inadequate planning that has left Dublin replete with unoccupied newly-built office buildings, despite the pressing need for housing.
Both provide insights into their viewpoints and suggest possible steps moving forward.
In related news, RTÉ, battling crises, recently revealed new board members, amidst allegations by PAC of possible ‘deliberate misrepresentation’ of earnings. The update was shared by Bernice Harrison and reported by Suzanne Brennan.