More evidence of the upsurge in demand for office space comes with news of two significant lettings at Citywest Business Campus.
GlaxoSmithKline, the multinational pharmaceutical company, has taken 1,765sq m (19,000sq ft) of office space over three floors in one of the Riverwalk blocks at the west Dublin office park having relocated from Rathfarnham.
Meanwhile, and also at Riverwalk, AbbVie has just signed a lease for 1,765sq m (19,000sq ft) of office space.
“Typical rents for these recent transactions are in the region of €18-€19 per sq ft for a 10-year lease,” says Ger Carr of letting agent JLL. “With demand increasing and supply of existing stock steadily reducing having regard to other space reserved, we believe that rental levels will exceed €20 per sq ft [at Citywest] before the year end.”
To cater for this increasing demand Citywest developer Davy Hickey Properties has got planning permission for a further 9,290sq m (100,000sq ft) of commercial office space in two modern buildings on Lake Drive.
Hugh Lynn of Davy Hickey Properties says the company plans to develop this new space early next year. "2015 is proving to be a great year for the campus and, while the supply of good office space is reducing, the prospect of new development makes it a very exciting time for the park and area."
JLL is marketing the remaining office space at Citywest and can cater for requirements from 316sq m (3,400sq ft) up to 4,645sq m (50,000sq ft) including some own-door office units.
Citywest is home to more than 140 companies, including Fidelity, SAP and Sony.
