“Effective [office] rents in Dublin have increased by 39.3% in the last 12 months, compared with an average of 5.1% across Europe.
…Savills say net effective rents comprise two elements of “headline” rents and rent-free periods, which have moved in opposite directions over the last year…”
Dr. John McCartney, Director of Research at Savills sez:
“Service sector jobs growth has led to an upsurge in the demand for office space causing headline rents to rise by 24%. But increasing demand has also allowed landlords to row back on rent-free incentives. On average, the rent-free period on a standard office lease has halved over the last year.”