During the fourth quarter of the year, a total of 51,600 sq m was taken up, bringing the yearly total to 243,700 sq m. This surpasses total take up in 2019, 2020 and 2021 and see’s it well above the Long-Run market average of just under 200,000 sq m. Close to two thirds of overall take up for 2022 was within the CBD, with the total much higher than the long-run average for the CBD and reflective of a clear shift in occupier reference since Covid-19.
Gross availability volumes increased in Q4, with the total market vacancy rate now standing at 18.3%. Within the CBD, this figure sits lower, at 17.3%. Excluding signed and reserved space, the net vacancy rate in the CBD is significantly lower at 8.4%, however up from 6.6% at the end of Q3. Location variations are present, with availability remaining lowest in the Fringe and Ballsbridge submarkets.
