Dublin Class A Office Market

TL;DR

• Trophy product in Dublin Docklands trades at €65-€75/sqm/month.
• Tech sector consolidation 2022-2024 elevated headline vacancy.
• 12.5% corporate tax remains the principal structural draw for US multinationals.
• Pharma and life sciences (Pfizer, Eli Lilly, AbbVie) underwrite a long-duration tenant pipeline.

Overview

Dublin is the principal European HQ destination for US technology and pharmaceutical multinationals — Google, Meta, LinkedIn, Salesforce, Pfizer, and Eli Lilly all anchor major Irish operations. Vacancy has risen materially since 2022 driven by tech consolidations, but trophy product remains tight.

Market snapshot

Composite of Q1 2026 broker market reports for Dublin.

Lease norms

FRI (Full Repairing and Insuring) leases dominate. 10-year terms with tenant break options at year 5 standard. Free rent of 9-15 months and TI of €60-€110/sqm typical.

Transit & access

Dublin Bus, Luas tram (Red, Green Lines), DART rail. MetroLink under construction (target 2031). Dublin Airport is bus-served (no rail). The Docklands trophy core is Luas Red Line and DART-served.

Tax

12.5% headline corporate tax on trading income; 25% on passive income. Knowledge Development Box (KDB) effective 6.25% rate available for qualifying IP income. R&D tax credit at 30% supplements.

Talent

Deep tech, pharma, finance, and legal services talent. EU talent pool accessible without immigration friction. Strong feed from TCD, UCD, and the broader Irish university system.

Notable Class A buildings

• Salesforce Tower Dublin · Docklands — Salesforce EMEA HQ; leed">leed-platinum">LEED Platinum.
• Three Park Place · Docklands — Salesforce-anchored Docklands speculative trophy.
• Citi Building · Docklands — Citigroup EMEA shared services anchor in Dublin Docklands.
• Bolands Quay · Docklands — Trophy mixed-use.
• Wilton Park · Ballsbridge — LinkedIn HQ EMEA.

Class A submarkets in Dublin

• Docklands & Grand Canal — Tech HQ trophy core. (trophy)
• CBD / St Stephen's Green — Historic legal and finance core. (prime)
• Ballsbridge & Dublin 4 — Embassy and corporate HQ belt. (prime)
• Sandyford & Cherrywood — Suburban Class A campus belt. (established)
• Citywest & Park West — Suburban back-office belt. (established)

Dublin deep-dives

• Rents and incentives — What does Class A rent cost and what concessions are typical?
• Sublease market — How deep is sublease">sublease availability and how does it price?
• ESG and LEED stock — How much certified stock exists and what premium does it command?
• Transit and commute — Which submarkets have the strongest transit access?
• Talent and salaries — What does the white-collar talent pool look like and how is it priced?
• Fit-out costs — What does a Class A fit-out">fit-out cost per square foot?
• Flex vs lease — When does premium coworking beat a traditional lease?
• Taxes and incentives — What corporate, occupancy, and property taxes apply?
• Neighborhoods overview — Which Class A submarkets exist and how do they compare?
• Notable buildings — Which trophy assets define the market?
• Class A vs Class B — What is the spread between Class A and Class B and why?
• Leasing conventions — What lease structures, terms, and concessions are normal?
• Expansion checklist — What is the operational checklist for opening here?
• Relocation guide — How do you move into this market from another city?
• Frequently asked questions — Quick answers to the questions occupiers ask most.
• Operating expenses — What service charges, OpEx, and pass-throughs apply on top of rent?
• Growth and availability — How tight is current availability and what does the pipeline look like?
• Sustainability pathways — How do tenants land net-zero or science-based-target leases here?
• Hybrid work policy — How are hybrid policies shaping office demand here?
• Security and redundancy — What security, power, and connectivity redundancy are standard?
• Lab and R&D space — What does R&D-grade or wet-lab space look like in this market?
• Brand experience — How do trophy buildings function as brand experiences and showpieces?
• Fund strategy and flag — Which submarkets carry the strongest investor flag for funds?
• Exit and renewal — How do you handle a Class A renewal or exit cleanly here?
• Market cycle position — Where is this Class A market in its cycle right now?

Dublin — frequently compared

• Dublin vs Amsterdam — EMEA HQ shortlist: Amsterdam vs Dublin.
• Dublin vs Berlin — EMEA HQ shortlist: Berlin vs Dublin.
• Dublin vs Dubai — EMEA HQ shortlist: Dubai vs Dublin.
• Dublin vs Frankfurt — EMEA HQ shortlist: Dublin vs Frankfurt.
• Dublin vs London — EMEA HQ shortlist: Dublin vs London.
• Dublin vs Madrid — EMEA HQ shortlist: Dublin vs Madrid.

Frequently asked questions

How material is the 12.5% tax rate?

Critically material — Dublin's structural HQ draw for US technology and pharma multinationals is overwhelmingly tax-driven.

What is the impact of Pillar Two on the tax advantage?

Pillar Two introduces a 15% global minimum tax for in-scope groups (>€750M revenue). Ireland has implemented domestic top-up; the structural tax advantage narrows but the country remains broadly competitive.

Are tech sector subleases meaningful?

Material. The 2022-2024 tech contraction drove significant Docklands sublease availability. The pipeline has cleared partially through 2025.