Amazon eyeing further office space in Dublin
Online retail behemoth Amazon is looking for office space in Dublin that could house as many as 800 employees as the e-commerce giant seeks to come through on its promise of bringing 500 new jobs to the Irish capital ahead of Britain's exit from the European Union in March 2019.
Amazon.Com Inc.
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13:09 23/04/24
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12:15 23/04/24
According to estate agents Savills, office vacancy stood at about 9% in Dublin, but when cut back to just include top-quality lettings in the city centre that figure fell to just 1% as a number of older buildings had been demolished throughout 2017, furthering the shortage.
More than 150,000 square metres of office space had been leased in Dublin over the first half of the year, a figure 68% higher than at the same time a year earlier, and almost 25% of the 420,000 square metres of office space under construction at the midway point of the year had been pre-let, according to CBRE.
Amazon's push to expand its Irish operations came after Facebook and Alphabet Inc, Google's parent company, had recently moved to do the same.
"Demand for office space across Dublin remains robust," said Andrew Cunningham, head of offices at Savills Ireland. "With Dublin city centre having become so built-up over the past two decades, older properties are having to make way to allow for new development to take place."
As of 1530 BST, Amazon shares were holding steady, up just 0.59% to $962.00 each.